The Australian Prudential Regulation Authority (APRA) has released a response paper and a package of 35 final reporting standards, reporting forms and instructions for APRA-regulated superannuation funds.
APRA’s reporting requirements implement the transparency and accountability recommendations from the Government’s Stronger Super reforms, and the proposals APRA previously consulted on in 2009. The new requirements also support the implementation of prudential standards, MySuper products and SuperStream. These revisions will be the first changes to the reporting requirements for superannuation since 2004.
The release of this package is the result of a six-month consultation with industry stakeholders on reporting requirements. The paper released today outlines APRA’s response to the main issues raised by industry during the consultation process.
The submissions generally expressed support for enhancements to APRA’s superannuation reporting collection, but raised a number of issues about the detail of the proposed approach. The main issues related to the structure of the reporting collection: i.e. commencement dates, frequency of collection, timeliness of due dates and audit requirements. APRA has responded to this feedback by deferring the commencement of some reporting requirements until 1 July 2014, reducing the frequency of some reporting requirements from quarterly to annual and removing audit requirements on some forms.
APRA Deputy Chairman Ross Jones said the new reporting requirements strike an appropriate balance between ensuring APRA has adequate information for prudential supervision while addressing practical issues raised in submissions.
‘Overall, APRA expects that this new data collection will be of significant benefit to all industry stakeholders and will address the demand for greater transparency from a range of stakeholders over a number of years,’ Mr Jones said.
‘APRA acknowledges these requirements are a significant change for industry and will be amenable to requests for a short extension, especially for the first reporting period.’
The requirements in 24 of the final reporting standards will take effect from 1 July 2013, with the remaining 11 taking effect from 1 July 2014. The first publication using the new data will be published in late 2013, and APRA expects to consult with industry regarding its proposals for new publications in later this year.
The response paper and the 35 reporting standards, reporting forms and instructions can be found on the APRA website at: www.apra.gov.au/Super/Pages/Superannuation-reforms-2011-2013.aspx
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding $4.2 trillion in assets for almost 23 million Australian depositors, policyholders and superannuation fund members.
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