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APRA releases final reporting requirements for superannuation

Thursday 6 June 2013

 

The Australian Prudential Regulation Authority (APRA) has released a letter to industry and final versions of 32 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 superannuation reporting proposals on which APRA had previously consulted 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 follows the release of ‘proposed final’ versions of 35 reporting standards, reporting forms and instructions on 28 March 2013 and the determination of one of those proposed final standards, Reporting Standard SRS 001.0 Profile and Structure (Baseline), on 30 April 2013. Only minor amendments have been made to the 32 reporting standards released today, mostly for editing or clarification purposes.

The two remaining standards, Reporting Standard SRS 702.0 Investment Performance and Reporting Standard SRS 703.0 Fees Disclosed, are not included in today’s release. These two forms are relevant to the product dashboard and disclosure requirements, were subject to significant feedback during consultation with industry, and are currently being finalised. APRA expects that these two reporting standards, along with draft Reporting Standard SRS 700.0 Product Dashboard, will be released in the coming weeks for further consultation.

APRA Deputy Chairman Ross Jones said ‘APRA will continue to engage with the superannuation industry on the implementation of the new reporting requirements. Where an entity is experiencing difficulty in transitioning to the new reporting due dates, APRA would be amenable to requests for a short extension, especially for the first reporting period.’

The requirements in 22 of the final reporting standards will take effect from 1 July 2013, with the remaining 10 taking effect from 1 July 2014. The first publication using the new data will be published in late 2013. APRA expects to consult with industry regarding its proposals for new publications in mid 2013.

The letter outlining the final reporting requirements for superannuation and the 32 reporting standards, reporting forms and instructions can be found on the APRA website.

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, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.