The Australian Prudential Regulation Authority (APRA) today released a discussion paper on proposed changes to its annual superannuation statistical publications and confidentiality of superannuation data.
The proposals reflect recent changes to the superannuation reporting framework and follow the analysis of the first revised annual collection that was submitted in October 2014.
APRA previously consulted on enhancements to its quarterly superannuation statistics in November 2013, and now publishes aggregate financial performance, financial position and asset allocation information in the Quarterly Superannuation Performance publication, as well as MySuper product-level data that meets APRA’s obligations under section 348A of the Superannuation Industry (Supervision) Act 1993 in the Quarterly MySuper Statistics report.
APRA proposes to continue to publish industry-level and fund-level annual superannuation statistics, and to introduce an annual MySuper product-level report. These statistics will promote understanding and enhance transparency and accountability of the superannuation industry, and support well-informed decision-making by regulated institutions, policy-makers, market analysts and researchers.
On 20 May 2015, APRA released a decision on the confidentiality of almost all data that was proposed to be determined non-confidential in November 2013. The letter is available on APRA’s website at: www.apra.gov.au/Super/Pages/Superannuation-reforms-2011-2013.aspx
As outlined in this discussion paper, APRA is undertaking further consultation regarding a small number of data items, including the disclosure of certain data reported on Superannuation Reporting Form SRF 540.0 Fees, before making a decision about the data’s confidentiality.
The discussion paper provides RSE licensees and interested parties with the opportunity to provide feedback and suggestions on APRA’s proposed changes to annual superannuation statistics, and to make representations about APRA’s proposal to determine certain data to be non-confidential.
The discussion paper is available on the APRA website at: www.apra.gov.au/Super/Publications/Pages/Publication-annual-super-statistics-confidentiality-super-data.aspx
Submissions on the proposals are due by Thursday 9 July 2015 and should be sent via e-mail to firstname.lastname@example.org.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the Australian financial services industry. It oversees Australia’s banks, credit unions, building societies, life and general insurance companies and reinsurance companies, friendly societies and most 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 $4.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.
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