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APRA reports $21 million regulatory cost saving
The Australian Prudential Regulation Authority (APRA) could be looking at regulatory cost savings of $20.97 million after it started a project in 2014 to find ways to cut regulatory costs.
In a regulatory cost savings update APRA said it saved $460,000 after extending due dates for quarterly superannuation data collections from 28 calendar days to 35 calendar days.
APRA said the saving came about as industry had more time to adjust to new data collection requirements, and registrable superannuation entity (RSE) licensees were allowed the time to solve transitional issues related to implementing new processes and systems, including working with third party data providers to get the data.
APRA also gave an industry-wide extension for general insurer financial condition report due dates, letting them submit it within four months instead of three months.
The move came as some expressed concerns the shorter timeframe would hinder the FCR quality.
This led to a cost saving of $12 million.
APRA also released reporting requirements in January for RSE licensees to provide information on non-MySuper investment options within their business operations, called select investment options.
The new requirements meant a big decrease in the coverage and scale of reporting requirements for select investment options.
This is poised to save APRA $3.5 million.
The regulatory cost savings update comes after APRA started a project during 2014 to find ways to cut costs for the industry.
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