The Australian Prudential Regulation Authority (APRA) today released a discussion paper on proposed changes to its superannuation statistical publications and confidentiality of superannuation data.
APRA proposes to revise its Quarterly Superannuation Performance Statistics publication and introduce a Quarterly MySuper Statistics report. The proposals incorporate changes to the superannuation reporting framework, and meet APRA’s legislative obligation to publish MySuper product-level statistics. APRA also proposes to release superannuation statistics in a new data dissemination system and make all non-confidential data accessible through this new system.
APRA proposes to determine most, but not all, data submitted under the Financial Sector (Collection of Data) Act 2001 by registrable superannuation entity (RSE) licensees (RSE licensees) non-confidential and publicly accessible. The proposed determinations will allow APRA to meet new legislative obligations to publish quarterly MySuper product-level statistics and improve its superannuation statistical publications.
The discussion paper provides RSE licensees and interested parties with the opportunity to provide feedback and suggestions on APRA’s proposed changes to superannuation statistics, and to make representations about APRA’s proposal to determine data to be non-confidential.
APRA Member Helen Rowell said ‘There have been substantial changes to the structure and nature of the superannuation industry since 2004, as well as material changes to APRA’s superannuation data collection. Accordingly, it is an opportune time to review the purpose and scope of the superannuation statistics publicly released by APRA.’
Mrs Rowell went on to say ‘It is important that APRA’s publicly released statistics facilitate and encourage analysis of whether the superannuation industry is achieving retirement income policy objectives over the medium to long term, and contribute to enhanced transparency, accountability and understanding of the superannuation industry.’
The discussion paper is available on the APRA website at: www.apra.gov.au/Super/Publications/Pages/Publication-super-statistics-confidentiality-super-data.aspx
Submissions on the proposals are due by Friday 31 January 2014 and should be sent via e-mail to firstname.lastname@example.org
APRA will consult separately in mid-2014 on proposals to publish annual superannuation statistics, including RSE, MySuper product and select investment option product-level statistics.
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 $4.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.
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