POWERED BY MOMENTUM MEDIA
IQ Group backs revised data standards
Superannuation consulting firm IQ Group has announced its support for the Australian Prudential Regulation Authority's (APRA's) revised data reporting standards.
APRA released its final reporting requirement for superannuation funds today, which comes after APRA deputy chairman Ross Jones announced last week that some of the data standards would be delayed until 1 July 2014.
The regulator has recognised that the commencement of all data reporting forms on 1 July 2013 is "not feasible", and that not all forms are appropriate for quarterly lodgement, according to an IQ statement.
The final APRA standards are the result of extensive industry consultation, according to IQ Group — and the regulator has acknowledged that the revised standards will better align to industry practice.
IQ Group chief executive Graham Sammells said the superannuation industry is still awaiting the release of baseline reporting standards, taxonomy requirements and D2A forms.
"Superannuation funds are eagerly awaiting the forms relating to Superannuation Fund Product Dashboards due to the potentially high level of complexity required to complete this element of reporting," said Sammells.
The industry is still waiting for solutions that will allow funds to draw data from a disparate range of sources, including third parties such as custodians, insurers and third party administrators, he said.
"In concert with APRA's recent emphasis on data risk management, it is important that funds have robust processes in place to manage the data from the source to ensure accurate, complete and timely reporting," said Sammells.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
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 DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
