The Australian Prudential Regulation Authority (APRA) has finalised a new prudential reporting framework for superannuation entities designed to provide a more accurate insight into the status of the superannuation industry.
The new framework, made under the Financial Sector (Collection of Data) Act 2001, is effective from 1 July 2003 and replaces the current submission of annual returns at 30 June each year and the quarterly Survey of Superannuation. Submission of the first returns under the new framework will begin in the second half of 2004.
APRA General Manager Policy, Research and Consulting, Mr Greg Brunner, said that APRA had worked extensively with stakeholders to develop an effective framework, which affords the regulator an enhanced selection of qualitative and quantitative data concerning the operations of superannuation entities.
The increased level and detail of information is necessary to our mandate as prudential regulator, Mr Brunner said. It will give us a very comprehensive understanding of the state of superannuation in Australia, as an industry and at the individual fund level.
He added: As with all data collection, our ultimate objective is to protect the interests of superannuation members - the new framework can only be beneficial to this cause.
The new Prudential Reporting Framework, including Reporting Standards and Forms, is available on the APRA website at http://www.apra.gov.au/Statistics/Lodging-Returns-Superannuation.cfm.
APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. It currently regulates $1.5 trillion in assets for 20 million Australians.
