The Australian Prudential Regulation Authority (APRA) has released the final consultation package on Phase One of its project to expand the breadth, depth and consistency of its superannuation data collection.
The Authority said its multi-year Superannuation Data Transformation program was aimed at improving super funds’ member outcomes by enhancing the comparability and consistency of reported data on superannuation funds.
APRA said Phase One of the project addressed the highest priority gaps in its data collection, particularly for choice products and investment options.
It said the consultation package contained topic papers, draft reporting standards and data collection templates covering four areas, including fees and costs, insurance arrangements, expense reporting, and asset allocation.
Deputy Chair of APRA, Helen Rowell said the Superannuation Data Transformation was an essential component of the Authority’s strategic focus on improving member outcomes.
“APRA recognises that superannuation trustees are under pressure from a range of challenges associated with COVID-19,” Mrs Rowell said.
“However additional, high quality data that is reported regularly and consistently is essential to understanding the outcomes funds are delivering their members, as well as identifying areas where they must improve,” she said.
“In particular, APRA remains strongly committed to increasing the transparency and accountability of the choice segment of the market, which represents $880 million of Australians’ retirement balances.”
Mrs Rowell said the data reported through APRA’s Superannuation Data Transformation was fundamental to the Authority’s plan to include choice products and options in an expanded version of its MySuper Product Heatmap.
APRA’s Superannuation Data Collection consultation package can be accessed at this PS News link.
