Fund Regulatory Updates

APRA expanding superannuation data collection

The Australian Prudential Regulation Authority (APRA) has released a consultation package for Phase 1 of its proposed expansion into superannuation data collection. The multi-year Superannuation Data Transformation was launched in November 2019 to improve member outcomes by making APRA-regulated funds easier to compare and contrast. Phase 1 addresses high priority gaps in APRA’s data collection, which covers choice of products and investment options.

The consultation package contains topic papers, draft reporting standards and data collection templates across four areas: fees and costs, insurance arrangements, expense reporting and asset allocation.

APRA is seeking feedback from industry to complete Phase 1, so Phase 2 can begin.

APRA applies new licence conditions to NULIS Nominees

Additional licence conditions have been imposed on NULIS Nominees (Australia) Limited to improve governance and control environment and ensure the best interests of its members are served during decision-making. The move follows an investigation into Royal Commission findings, where the view was formed that NULIS’ decisions regarding the migration of some members into MySuper products, grandfathering of fee arrangements, and charging of fees to members for services not provided, may not have been in the best interests of its members.