New statistical data collections that form part of new Stronger Super requirements will now be phased in from 2014, says Australian Prudential Regulation Authority deputy chair Ross Jones. The exception will be superannuation funds with MySuper authorisation.
“The reporting framework is still not completely finalised. There’s still work to be done, for example, on the product dashboard and a number of other statistical requirements.”
Jones said the reporting framework remains the single most complex issue in the implementation of reforms, which he acknowledges has been challenged by the delivery of legislation in four tranches.
“It’s been a fairly complex process and, while the general objective has been fairly clear from the start, the process has sometimes been less clear.
“There’s some flexibility to this, particularly with regard to the new statistical collections.”
Slated to commence on July 1, 2013 along with MySuper, the statistical collections will not start in totality, with only statistical collection surrounding MySuper beginning as planned.
“Some of the other statistics, particularly, for example, some of the more complicated or complex statistics on investment option reporting, will be phased in and will start in 2014,” Jones said.
“Given that we’re still consulting with industry… if we still have a consultation process that was going in March, it’s probably unrealistic to ask the industry to be in full compliance by July. So some of these things, I believe, we can phase in.”
Jones said super funds that have been able to obtain a MySuper licence should be in a position to provide statistical data surrounding it as of July 1.
In relation to the cost of complying with statistical collection, Jones said that while there are fixed costs associated with compliance, he doesn’t believe small funds will suffer.
“I’m certain that the overall cost of complying with statistical reporting may be roughly the same for a big firm as a small firm. But clearly, if you have a much smaller number of members, it’s going to be spread over a smaller number of people.”
