APRA Postpones Next Consultation on Super Fund Reporting Requirements

APRA now intends to start the consultation on proposed reporting standards for investments and RSE and RSE licensee profile in November 2023.

APRA (Australian Prudential Regulation Authority) will push back by six months its formal consultation on the next phase of reporting standards for super funds.

APRA’s multi-year Superannuation Data Transformation project was launched in late 2019 to drive better industry practices and improve member outcomes. The project was divided into three phases with phase 1, concluded in March 2021, having addressed the most urgent gaps in APRA’s data collection, particularly for choice products and investment options.  

The project advanced to phase 2 in April 2022, focusing on improving the granularity of the data it collects across all of the superannuation industry’s business operations. A further phase 2 consultation, covering proposed reporting standards for investments and RSE and RSE licensee profile, was originally scheduled for May 2023. 

“In response to stakeholder feedback, APRA will not consult on reporting proposals over the peak year-end reporting period,” APRA said in a letter to super funds on its website. 

However “informal industry engagement” on proposals for collections under the topics of Investments and RSE Licensee and RSE Profile will continue through to the end of June 2023.

The letter says APRA now intends to start formal consultation on proposed reporting standards for investments and RSE and RSE licensee profile in November 2023.

“APRA’s decision to delay this work also aligns with APRA’s plans to undertake a review of the Data Directions,” the letter says. “This is consistent with our commitment to review the long-term roadmaps on an annual basis, with a view to adjusting sequencing, timing and scope of collections to ensure successful implementation by both APRA and industry.”

APRA said it will continue to engage with superannuation industry stakeholders on the overall timeframes for consultation and implementation of reporting under the Superannuation Data Transformation project. 

In 2024 and 2025, phase 3 of the project will assess the quality and consistency of the outcomes from phases 1 and 2 and address any implementation issues.