The Australian Prudential Regulation Authority has released a discussion paper with 31 draft-reporting requirements and instructions for the superannuation funds it regulates.
The proposals implement transparency and accountability recommendations from the government’s Stronger Super reforms and build on the proposals APRA consulted on in 2009. These are the first changes to reporting requirements since 2004.
The main changes on reporting relate to each trustee, fund, sub-fund, MySuper product and select investment options, and replace the current focus on fund-level data collection, which the consultation showed to have limitations.
Funds will also now be required to provide information on each MySuper product and select investment options, a move designed to allow greater comparability across the industry.
The guidelines also propose the collection of expanded information on investments, including look-through investment structures, with the aim of helping understand ultimate investment allocation and costs.
APRA deputy chair Ross Jones said the package outlined “substantially larger data collection.”
“APRA encourages the industry to provide feedback on how the proposed data collection would best support the transparency and comparability across the industry,” Jones said.
The consultation process runs through to November 16 and the final new standards are expected to be released in the first part of 2013.
The discussion paper and the 31 draft-reporting forms and instructions can be found on the APRA website.
