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APRA refines reporting standards
The Australian Prudential Regulation Authority (APRA) has revised six of its superannuation reporting standards after complaints of confusion from key stakeholders.
The move follows efforts by APRA and the Australian Securities and Investments Commission (ASIC) to clarify their dual role in dealing with MySuper products earlier in the week.
In a letter to registered licensees, APRA said it hoped the revisions, which include clarity on how to report investment fees and taxes, would simplify the reporting process.
Among the other revisions, the regulator clarified that income and investment expenses should be reported on a gross basis rather than netted against each other.
It also provided guidance on how to report MySuper products that begin after the first day of the financial year.
The new, finalised standards will kick in on 1 April.
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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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