The Australian Prudential Regulation Authority (APRA) has launched a consultation on plans to sharply expand the breadth of the superannuation data it publishes.
Executive Board Member at APRA, Margaret Cole said the consultation followed the finalisation of the first phase of APRA’s Superannuation Data Transformation, which addressed the most urgent gaps in the data reported by superannuation trustees.
Ms Cole said the Superannuation Data Transformation – Publications and confidentiality Discussion Paper outlined proposals to publish an enhanced data collection, including what would– and would not – be treated as confidential.
“Starting in June this year, APRA proposes publishing new aggregate industry, fund-level and product-level statistics containing key metrics, including improved data on insurance arrangements, expenses, member demographics and asset allocation classifications,” she said.
“Where relevant, new approaches will be used to better enable comparisons across complex fee and cost structures or insurance design.
“It will be the first time APRA has published data on all products and investment options; until now, APRA has only published product-level data for MySuper products.”
Ms Cole said the Authority was determined to publish as much of the new data as possible.
She said the Superannuation Data Transformation was at the heart of APRA’s agenda to use heightened transparency to lift industry performance and improve member outcomes.
“While collecting better quality data across all products and investment options is essential for APRA’s ability to scrutinise the outcomes trustees are delivering for members, it’s only half the puzzle,” Ms Cole said.
“Increasing the breadth, depth and consistency of the data we publish will help all stakeholders make better informed decisions by providing a more complete picture of the industry.”
Ms Cole said APRA also expected the increased transparency to benefit members by making it even clearer which funds were not performing and urgently needed to “improve or get out”.
APRA’s 45-page Discussion Paper can be accessed at this PS News link.
