APRA proposes updates to super data transparency
The prudential regulator is planning to publish data on all super products and investment options for the first time.
A wide range of additional data from superannuation funds could soon be made public under a new proposal from the Australian Prudential Regulation Authority (APRA).
In a bid to “sharply” expand its breadth, APRA has proposed to publish new aggregate industry, fund-level and product-level statistics from June, including improved data on insurance arrangements, expenses, member demographics and asset allocation classifications.
The regulator plans to do so by tweaking what will – and will not – be treated as confidential, a proposal that could see it publish most of the data it collected under phase 1 of its multi-year Superannuation Data Transformation (SDT) project.
This includes data on all products and investment options, representing a step-up for the regulator that has to date only published product-level data for MySuper products.
“The Superannuation Data Transformation sits at the heart of APRA’s agenda to use heightened transparency to lift industry performance and improve member outcomes,” said APRA executive board member Margaret Cole.
APRA finalised the first phase of its Superannuation Data Transformation last year and set new reporting standards, having identified “urgent gaps” in the data reported by super funds.
“While collecting better quality data across all products and investment options is essential for APRA’s ability to scrutinise the outcomes trustees are delivering for members, it’s only half the puzzle,” said APRA executive board member Ms Cole.
“Increasing the breadth, depth and consistency of the data we publish will help all stakeholders make better informed decisions by providing a more complete picture of the industry.”
The regulator has now begun consulting on its latest proposal, with submissions open until 15 April.
The proposal follows the launch of APRA’s inaugural performance test in August last year and its super fund heatmaps that were recently expanded to include Choice products.
“As with the MySuper and Choice heatmaps and Your Future, Your Super performance test, we also expect the increased transparency to benefit members by making it even clearer who isn’t performing and urgently needs to improve or get out,” added Ms Cole.
Jon Bragg
22 February 2022
smsfadviser.com
Latest eNewsletters
Hot Issues
- Div 296 sparking death benefit discussions
- ATO warns SMSF trustees to be aware of increase in scams
- Roles and Responsibilities in a Business Partnership
- Beware of tax implications for failing to meet minimum pension requirements: consultant
- Leasing property owned by an SMSF
- A super contributions deadline you won’t want to miss
- How topping up your super each year could leave you $80,000 better off in retirement
- Evolution of Boeing - 1916 - 2025
- ATO issues guidance on SMSF trustee appointment and compliance
- ASIC to increase audit surveillance in 2025–26
- Investment and economic outlook, May 2025
- Legal case has succession planning lessons for SMSF members, advisers: legal expert
- Your 30 June superannuation checklist
- Start-ups to suffer under Div 296
- New SMSF trustees propel uptake of financial advice
- Comparison of various Animal Weight
- $95bn loss predicted to Australian economy if Div 296 passes: analysis
- Why more Australian SMSF owners are looking to global equities
- Investment and economic outlook, April 2025
- Trustees reminded of minimum pension drawdown
- How boosting your super can help you reduce your tax bill
- Are your adult children ready for the wealth transfer?
- Financial abuse move now a certainty
- Freshwater Resources by Country 2025
- Investment and economic outlook, March 2025
- Advisers should be aware of signs of elder abuse in SMSF structures
- SMSFs hold record levels of cash and property
- Trustees warned on early access