The superannuation industry is dragging its heels on reporting fee data to APRA, according to recent testimony given to a Senate committee.

Under questioning, Brandon Khoo, APRA general manager specialised institutions, told the Senate Additional Estimates committee on February 16 this year that despite being issued clearer instructions about reporting fee and charges information in mid-2005 the super industry as a whole has not improved its performance in this area. “My understanding is that in the returns for that year [2005] we have not seen any substantial improvements in that area in terms of the [fee] data being reported,” Khoo said. “We are at this point, however, working with IFSA to try to improve that issue now.” John Laker, APRA chair, told the Senate that unless the super industry lifts its fee-reporting standards further regulatory changes could be necessary. “It may well be that we have to go back and look at the way in which that particular return has been set up and make an amendment through the Financial Sector (Collection of Data) Act,” Laker said. “That is a more formal process, and that takes time. So we need to look at whether or not we can work within the existing reporting framework or whether or not we need to go through the formal consultation steps to make that return clear in what it is seeking from the superannuation industry.”

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