The Australian Prudential Regulation Authority (APRA) has released a second consultation package on its Superannuation Data Transformation.
This release follows the launch in early November of APRA’s 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.
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:
- Topic Paper 2: Performance - will facilitate the assessment of member outcomes and performance for choice products, investment menu and investment options.
- Topic Paper 3: Member Accounts - will provide more granular information on member demographics data.
Submissions on these proposals will close on 26 March 2020.
The topic papers, together with the draft reporting standards are available at: Consultation on APRA's Superannuation Data Transformation.
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 $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.