The Australian Prudential Regulation Authority (APRA) has released its response paper and final reporting standards for phase 1 of its multi-year superannuation data transformation (SDT), designed to improve results for members by increasing the breadth, depth and quality of APRA’s super data collection.
APRA deputy chair Helen Rowell said phase 1’s completion would be a major step in APRA’s efforts to lift industry standards and weed out underperformers.
“Our significantly enhanced reporting framework will deliver more accurate, consistent and comparable data on fund performance, especially in areas where data is currently lacking or inadequate,” she said.
The reporting framework has also been updated to enable proposed legislative amendments to be introduced under the government’s Treasury Laws Amendment (Your Future Your Super) Bill 2021.
The bulk of the new data will be submitted from September 2021. However, APRA has amended the implementation timeframe in response to industry feedback to allow trustees to defer submission of some less critical data for a year.
The Response Paper and finalised reporting standards are available at: Consultation on APRA’s Superannuation Data Transformation.