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Article | Super Update

Super Update:
APRA data transformation,
Federal Budget

October 27, 2020

Challenging consultation deadlines on data for superannuation trustees, Federal Budget wrap-up.
COVID 19 Coronavirus

APRA has released a major consultation package to conclude phase one of its data transformation project, covering expense reporting, asset allocation, insurance arrangements, and fees and costs.

This Super Update looks at APRA’s proposals for the extra data collected, which APRA considers essential to understanding the outcomes trustees are delivering to members. It has also committed to adopting “a flexible approach” to consultation, although the deadline to hear back on expense reporting may have been problematic for super fund trustees.

This issue also re-iterates the major superannuation features of the Federal Budget, and covers the Law Reform Commission review of financial services laws (part of the government’s response to the Financial Services Royal Commission). This review, due to issue its final report in 2023, will focus on potential simplifications and rationalisations to the Corporations Act and Regulations.

Our news in brief includes a new ASIC Regulatory Guide on dispute resolution, APRA superannuation initiatives and priorities, APRA’s Insight publication, and its quarterly superannuation statistical publication. As usual, you will find our handy guide to key changes in superannuation.

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