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(August-2003) APRA’s data collection abilities to improve
The Australian Prudential Regulation Authority (APRA) says it will use the more exacting reporting requirements of the Superannuation Safety Amendment Bill to provide more detailed performance analyses on super funds and trustees.
It has also flagged the possibility that such data might, after consultation, be made available to the public.
“Compared to banking and insurance, superannuation as a product is striking in the inability of members to compare competing offers,” notes APRA executive general manager Charles Littrell. “APRA collects considerable information from superannuation trustees and funds, and from June 2004 will collect materially more information. We use this information to build better early warning and supervisory attention systems. That is, superannuation statistics are often helpful in identifying funds that should receive closer or more urgent attention from our supervisors.”
He adds that the same information may also be helpful in developing long-term performance analyses on funds and, in particular, on trustees.
AUTHOR
Zilla Efrat
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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