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IQ Group backs revised data standards
Superannuation consulting firm IQ Group has announced its support for the Australian Prudential Regulation Authority's (APRA's) revised data reporting standards.
APRA released its final reporting requirement for superannuation funds today, which comes after APRA deputy chairman Ross Jones announced last week that some of the data standards would be delayed until 1 July 2014.
The regulator has recognised that the commencement of all data reporting forms on 1 July 2013 is "not feasible", and that not all forms are appropriate for quarterly lodgement, according to an IQ statement.
The final APRA standards are the result of extensive industry consultation, according to IQ Group — and the regulator has acknowledged that the revised standards will better align to industry practice.
IQ Group chief executive Graham Sammells said the superannuation industry is still awaiting the release of baseline reporting standards, taxonomy requirements and D2A forms.
"Superannuation funds are eagerly awaiting the forms relating to Superannuation Fund Product Dashboards due to the potentially high level of complexity required to complete this element of reporting," said Sammells.
The industry is still waiting for solutions that will allow funds to draw data from a disparate range of sources, including third parties such as custodians, insurers and third party administrators, he said.
"In concert with APRA's recent emphasis on data risk management, it is important that funds have robust processes in place to manage the data from the source to ensure accurate, complete and timely reporting," said Sammells.
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