POWERED BY MOMENTUM MEDIA
APRA to update heatmap with fees and costs data
The Australian Prudential Regulation Authority (APRA) will update its MySuper Product Heatmap in June 2020 with the latest fees and costs data.
APRA said its decision to solely publish fee data was to show actions taken by trustees to address areas of underperformance, which it considered to reasonably be expected to have occurred since the heatmap was published in December, 2019.
“Improvements to investment performance and sustainability would be expected to manifest over a longer timeframe, which APRA will reflect in later heatmap publications,” APRA said.
It said trustees needed to submit its updated fees and costs to APRA by 29 May, 2020, for it to be published in June. Any data submitted after the date would be reflected in the heatmap after the June update.
Addressing questions regarding on why APRA had not published updates to the heatmap to reflect resubmitted historical data, it said a small minority of trustees had resubmitted changes to their Strategic Asset Allocation in Reporting Standard SRS 533.0 Asset Allocation and their investment performance in Reporting Standard SRS 702.0 Investment Performance.
“APRA is validating these resubmissions and, if substantiated, the revised data will be reflected in the next iteration of the heatmap, planned for release in December 2020,” it said.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
96.54 3 y p.a(%)
2
DomaCom DFS Mortgage
85.26 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
