The Australian Prudential Regulation Authority (APRA) has written to a number of superannuation fund trustees warning them that any inaccurate data contained in their quarterly fund returns will mean they have to be corrected and resubmitted.
The letter, sent to trustees and administrators, relates to June 2006 returns, but points to a number of anomalies detected by the regulator in a review of the March quarterly returns.
It said that in a review of the March 2006 quarterly returns, APRA discovered deficiencies in some of the reported information.
“APRA will request trustees and administrators resubmit returns that contain inaccurate or incomplete information, or provide an explanation for any significant anomalies in the return,” the letter said.
It identified the most common errors occurring in the returns as being the failure of entities to report their asset backing with respect to benefits and investments.
