The Australian Prudential Regulation Authority (APRA) has released the 10 reporting standards for its multi-year Superannuation Data Transformation (SDT).
APRA explained that the new reporting standards, developed under the first phase of APRA's multi-year SDT, aims to enhance superannuation trustees' data reported to the prudential regulator. These include expanding the collection to include all products and investment options, improved data on performance, fees and costs, asset allocation classifications, insurance arrangements, expenses, and member demographics.
The reporting standards also include minor amendments to the versions of the reporting standards APRA released as part of the response to the consultation in March 2021, incorporating clarifications issued publicly as frequently asked questions (FAQs).
APRA has also published the Superannuation Data Transformation Regulation Impact Statement (RIS), which the Office of Best Practice Regulation (OBPR) considered good practice.
According to the prudential regulator, the RIS process will require completing a detailed cost-benefit analysis to help government officials adopt “best practice” regulatory design and implementation. Its primary role is to improve government decision-making processes by ensuring that all relevant information is presented to the decision-maker when a decision is being made.
In addition, the RIS process's preparation formalises and documents the steps to make regulation and provides a consistent, systematic, and transparent process for assessing alternative approaches to regulatory problems. It also includes assessing the impacts of the proposed regulation and alternatives on different groups and the community as a whole.