APRA publishes a response to consultation on the Superannuation Data Transformation minor amendments
The Australian Prudential Regulation Authority (APRA) has released a response to the consultation on minor amendments to reporting standards introduced under Phase 1 of the Superannuation Data Transformation (SDT) project.
The amendments clarify investment option reporting and expenses reporting; reduce frequency of reporting for some requirements; and increase the time for submission of data for some requirements.
APRA’s SDT project aims to drive better industry practices and improve member outcomes through heightened transparency.
The response letter is available on the APRA website at: Phase 1 Minor Amendments.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.