POWERED BY MOMENTUM MEDIA
APRA makes changes to reporting obligations
The Australian Prudential Regulation Authority (APRA) has moved to reduce the compliance burden of super funds under its watch by changing a definition and cutting back on heavily-criticised duplication in reporting requirements.
After a series of submissions from stakeholders about onerous standards on ‘select investment options', APRA says it has reduced the number of options funds must report on by around 50 per cent, by only targeting funds with quantitative thresholds above $200 million or five per cent of total fund assets.
It has also removed the obligation for funds to report both annually and quarterly, retaining the quarterly requirement, it said in a statement.
The changes followed criticism from funds about the onerous nature of reporting requirements of select investment options and the potentially confusing definition of what qualifies as a select option, which has also now been clarified.
"APRA is confident that the final requirements strike the right balance between APRA and other stakeholders having access to necessary information, and addressing industry's concerns about the costs and complexity involved in reporting this information," APRA member Helen Rowell said in response to the changes.
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
