Superannuation funds will have to comply with new reporting standards relating to investment exposure concentrations, asset allocation, financial instruments, investment performance and fees, from 1 July 2016.
In a letter to all registrable superannuation entities, Australian Prudential Regulation Authority (APRA) executive general manager for policy and advice, Sarah Goodman, revealed the new standards will only require reporting of indirect costs on the same basis as it is required to be disclosed publicly.
The revised superannuation reporting standards following a consultation process relating to draft standards released earlier this year and aim to clarify concerns surrounding:
"The revisions, where relevant, will be incorporated in D2A forms so that RSE licensees will be able to submit data based on these versions of the reporting standards when the requirements commence," Goodman said.
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.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.