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Data standards deadline delayed: APRA
Superannuation funds at the Conference of Major Superannuation Funds 2013 were told they had an extra year to implement some of the data reporting requirements as part of Stronger Super reforms.
Australian Prudential Regulation Authority (APRA) deputy chairman Ross Jones foreshadowed the release of a discussion paper next week regarding the collection of statistical data which included an extension for compliance to some of the data reporting standards.
The standards would, in part, be delayed until 1 July 2014, he said.
"I'm quite happy to tell you now that we have responded to industry feedback and we will defer the commencement of some of our collection from 1 July 2013 to 1 July 2014," he said.
"We will be changing some of the proposals of quarterly collections to annual collections and you will see a whole lot of circumstances where APRA has responded to industry concerns about the timing," he said.
But there would be no exemptions for data standards relating to MySuper which would still be required from 1 July this year, according to Jones.
"If you're going to have difficulties meeting a 1 July statistical collection (deadline) surrounding MySuper, then my suggestion is you're probably not prepared sufficiently for a MySuper authorisation in the first place," he said.
Jones said APRA now had 40 MySuper applications. The quality had been good for the majority already processed, but they hinged on consultation with the regulator.
He said it was likely APRA was receiving the best applications first.
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