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

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David Forrest

Director
BEc (Acc), MBA, CPA, FFin

David has been in the Financial Services Industry for nearly 30 years. He was one of the founding Directors of the successful Financial Planning and Stockbroking Practice, Henderson Gregory Forrest, for a decade. Prior to that, he held senior roles in companies such as ING, KPMG Accountants and AMP. David was previously Chairman of OAMPS Superannuation Trustee Board and currently serves as an independent Board Director for several companies.

David’s extensive experience in all forms of superannuation, including Self Managed Super Funds (SMSF), Defined Benefit Funds, retirement funding through Account Based Pensions, stockbroking with a focus on Direct Share Investment, Taxation/Remuneration Planning, Centrelink, Aged Care and business management, equip him to advise expertly on all aspects of Financial Advice.

Those with a particular interest in superannuation/SMSFs, direct share investment, salary packaging or applying for the Centrelink Pension will find his knowledge and ability in formulating and implementing creative, logical and simple wealth creation strategies a valuable asset.

David maintains a strong personalised client service focus, providing tailored solutions for clients.

Qualifications:

Bachelor of Economics with Accounting Major (BEc (Acc))
Master of Business Administration (MBA)
Certified Practising Accountant (CPA Australia)
Graduate Diploma in Applied Finance and Investment (FFin)

Memberships:

Member of the professional association of Certified Practising Accountants (CPA Australia)

Contact:

David Forrest is an Authorised Representative of Integrity Financial (SA) Pty Ltd ABN 16 133 921 187 — AFSL No 334846

Michelle Forrest

Business Finance Manager
B Bus (Acc), CPA

Michelle’s career has spanned across the Financial Services, Retirement Living and Aged Care industries working in the private sector, not for profit and more recently with the state government for over 20 years. Her experience extends to many facets of the financial services industry, having worked in superannuation administration, technical support and financial planning practice administration.

Commencing with AMP and subsequently working in commerce and accounting roles with companies such as Brambles, Adelaide Bank Retirement Services, ECH Inc and SA Health and Wellbeing, Michelle returns to financial services after working in practice financial management at Henderson Gregory Forrest. This wide range of experience from senior accounting and management roles has provided Michelle with a strong background in business administration.

With an astute financial acumen and keen interest in business improvement strategies, Michelle ensures the smooth running of the Integrity Financial Advisory practice providing valued management support to our personalised client service focus.

Qualifications: