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APRA defends data stance
The Australian newspaper's failure to publish a letter from the Australian Prudential Regulation Authority (APRA) correcting one of its stories has raised the regulator's ire.
The regulator has taken the unusual step of publishing an open letter to the newspaper on its website to "correct the record" over a report in its May 26 edition.
The letter by Stuart Snell, APRA head of public affairs, "seeks to clarify" a story on an APRA proposal to collect and report new superannuation data. Snell said the author incorrectly claimed that APRA "proposed to collect more detailed information on super-fund performance before developing a table of funds".
"To clarify, APRA is already planning to produce a fund-level performance report based on statistics already collected," the letter states.
"It was always APRA's intention to do a new statistical collection for superannuation in 2010, and it foreshadowed this again last November."
Nor did APRA "acknowledge it had not yet collected sufficient information from funds to produce a meaningful analysis", as was stated in the article, according to Snell.
"APRA's statistical publications are both meaningful and robust, and we stand by them as the national statistical agency for the Australian financial sector.
"What we proposed was to collect even more data - deeper than at the fund-level - so that members can be better informed about the investment performances of their super funds more generally."
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Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
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