Consultation on APRA's Superannuation Data Transformation
This page contains information on APRA's consultations on the Superannuation Data Transformation project
Further to the frequently asked questions (FAQs) including worked examples released on 26 February 2020, APRA has released further FAQs on the topics of Performance and Member Accounts. These have been developed in response to industry questions and feedback as well as details RSE licensees provided on assumptions made in compiling data for the pilot request.
The FAQs do not form a response to submissions. They are intended to provide clarification on the intent of the draft reporting standards and definitions for the purpose of completing the pilot data collection. APRA will continue to consider feedback and areas for clarification based on further submissions and pilot data.
Please contact APRA via email (email@example.com) as early as possible if you have interpretation questions regarding the provision of pilot data for these topics so we can incorporate them into FAQs as appropriate.
The FAQs and worked examples can be found in the new worksheets in the pilot information request template below:
APRA released a second consultation package on its Superannuation Data Transformation.
The two topic papers released today form part of Phase 1 of the Superannuation Data Transformation (Breadth), which will address the most urgent gaps in APRA’s data collection, particularly for choice products and investment options
Submissions on these proposals have been extended and will now close on 26 March 2020.
The topic papers and draft reporting standards can be found below:
Draft reporting standards
The Australian Prudential Regulation Authority (APRA) is undertaking a multi-year project to upgrade the breadth, depth and quality of its superannuation data collection.
APRA’s Superannuation Data Transformation aims to drive better industry practices and improve member outcomes by significantly enhancing the comparability and consistency of reported data. The project will make it easier to scrutinise and reliably compare fund and product performance, especially in the choice segment of the market.
On November 7 2019 APRA released a discussion paper and a short topic paper as part of phase 1 of the Superannuation Data Transformation project.
Information on how to respond is contained in the topic paper below.
Submissions for "Topic Paper 1 - RSE Structure and Profile" close on Friday 17 January 2020, and as advised for subsequent topic papers.
Draft reporting standards
Given the scale and complexity of the Superannuation Data Transformation, APRA has divided the consultation into three phases:
- Phase 1 (Breadth) will address the most urgent gaps in APRA’s data collection, particularly for choice products and investment options;
- Phase 2 (Depth) will increase the granularity of the entire collection, taking advantage of APRA’s new Data Collection Solution and enhanced data analytic capabilities; and
- Phase 3 (Quality) will assess the quality and consistency of the additional data reported during Phases 1 and 2, and review and address any implementation issues.
Each phase will involve the release of multiple topic papers, each covering a different aspect of the consultation.
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.