IQ Group today confirmed its support for the heavily revised APRA Superannuation Data Reporting standards, that were launched Thursday 28 March. The proposed final standards, forms and instructions being unveiled are the result of extensive industry consultation and acknowledgement that these reporting standards should better align to industry practice. IQ Group expects to assist its Superannuation client base to meet these implementation requirements in the coming months.
The key changes to this release will include the recognition 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. Whilst this release will not be the final legally-binding standard, the re-worked approach will enable Superannuation Funds to put their data reporting projects in place with more confidence about the details.
APRA will be releasing new information about data definitions with significant re-design of investments, investment performance and insurance forms, as well as new and less onerous requirements for the frequency of many lodgement requirements. APRA has reviewed and will reduce the audit requirements as this was of significant concern to Superannuation Funds.
For Graham Sammells, CEO of IQ Group there are matters still under advisement. “The Superannuation industry is still awaiting the release of baseline reporting requirements, taxonomy requirements and D2A forms. In particular, 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,” he outlined.
Sammells continued: “The data standards have changed significantly from the drafts released to industry last year, as a result of APRA’s extensive consultations with all parties and we need to acknowledge that this is an extremely positive achievement. In particular, APRA has listened to industry feedback about the need to better align with industry practice and as a result, has produced a much more authentic set of standards as a result.”
“The Australian Superannuation industry is looking for solutions that can efficiently draw and organise data from numerous and different sources, including third-parties such as custodians, insurers and third party administrators. 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,” he concluded.