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
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
