APRA on Wed 19.9.2012, released for consultation a discussion paper outlining its proposed revised reporting requirements for APRA-regulated super funds. The consultation package includes 31 draft reporting forms and instructions. APRA said the package outlines a substantially larger data collection than is currently in place for the superannuation industry.
APRA’s proposed reporting requirements implement the transparency and accountability recommendations from the Government’s Stronger Super reforms, and the proposals APRA previously consulted on in 2009. The main proposed changes to reporting requirements include:
- information about each trustee, fund, sub-fund, MySuper product and select choice investment options;
- information about investment returns for each MySuper product and select choice investment options;
- the collection of expanded information about investments.
Consultation on the draft reporting requirements closes on 16 November 2012 and the final superannuation reporting standards are expected to be determined and released in the first half of 2013. The requirements in the final reporting standards are expected to take effect from 1 July 2013 with the first publication using the new data in late 2013. The discussion paper and the 31 draft reporting forms and instructions are available on the APRA website.
Source: APRA media release 12.22, 19 September 2012
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