The introduction of the superannuation heatmaps are among departing Australian Prudential Regulation Authority (APRA) executive Helen Rowell’s proudest achievements during her career.
Reflecting on her time at the regulator, Rowell discussed the three matters she was most proud of during her career, two of which related to superannuation.
Rowell first joined APRA in 2002 as general manager for industry technical services and went on to hold a number of general manager roles before being appointed as an APRA member in 2013 with responsibility for superannuation.
Since 1 July 2021, the annual performance assessment had applied to MySuper products and, from 1 July 2023, trustee-directed products were also expected to be subject to the assessment, under the Your Future, Your Super reforms.
They enabled like-for-like comparisons of outcomes for members in MySuper products and certain Choice investment pathways, in the key areas of investment returns and fees and costs.
She said: “The Superannuation Data Transformation project and creation and publication of the MySuper and Choice Heatmaps reports was a further significant step.
“Leveraging more granular data and presenting information on investment performance and fees in a transparent way has materially improved the outcomes for millions of superannuation members and supported all members to choose lower-fee or better performing funds.
“It has also provided impetus and insights for APRA’s wider data strategy and transformation project that will improve insights and outcomes across all APRA-regulated sectors. It is very satisfying to have led this work, and to see the broad impact that it has had, and will continue to have, for the benefit of many stakeholders but particularly the Australian community.”
She also highlighted the implementation of prudential standards for superannuation that had enabled APRA to lift practice standards.
“This was a significant step, enabling APRA to lift standards of practice across the superannuation industry towards what is more appropriate for financial services entities that were increasing in size and complexity, and which have obligations to deliver sound outcomes for members over the long term. It is pleasing to see how far the superannuation industry has evolved its practices over the last 10 years,” Rowell said.
In his opening statement to the House of Representatives standing committee on economics, APRA chair John Lonsdale acknowledged Rowell’s two decades of dedicated service.
“Helen has made a significant contribution to APRA in her time here, especially in superannuation where she oversaw the creation and implementation of APRA’s prudential framework for that industry,” Lonsdale said.
He noted that she was the first woman appointed as an APRA executive director, member, and deputy chair.
“She will be greatly missed by all who worked with her here, and we wish Helen all the best wherever the next stage of her career takes her,” he said.
Rowell would step down at the end of June.
