APRA makes changes to reporting obligations

20 January 2015
| By Kate Cowling |
image
image
expand image

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.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predict...

2 hours ago

Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one ...

2 hours 25 minutes ago

Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns a...

2 hours 40 minutes ago

TOP PERFORMING FUNDS