Following a 6-month period of suspension due to the COVID-19 pandemic, we are pleased to advise that the project to deliver APRA’s new data collection solution, APRA Connect, has recommenced with a revised implementation approach and timeline.
The implementation approach takes into account industry feedback and the impacts of COVID-19 on all industries, as well as data collection priorities such as the Superannuation Data Transformation program and consideration of longer term regulatory needs.
Summary of the implementation approach
- APRA Connect will go live at the end of September 2021 with a progressive cutover of regulatory data reporting to the new solution over the coming years.
- All entities will be responsible for maintaining entity information, such as contact details, responsible persons and related parties (including Banking Executive Accountability Regime (BEAR) reporting for Authorised Deposit-taking Institutions (ADIs)) on APRA Connect.
- The timing of regulatory data reporting commencing in APRA Connect will vary for each industry. APRA will progressively start new collections in APRA Connect in line with industry consultations.
- The first regulatory data collections to be introduced in APRA Connect at the September 2021 go live will be the Private Health Insurance (PHI) Reform (HRS 605.0) and Superannuation Data Transformation collections.
- All entities who submit Form 701 for intermediated insurance business will be required to use APRA Connect. The first submission will be due on APRA Connect from January 2022. Lodgement by email, fax or mail will not be accepted once APRA Connect is implemented.
- Direct to APRA (D2A) will continue to be used for most existing collections. This means that dual reporting systems will be in place for the medium term and any resubmissions for D2A-submitted returns must be made through D2A.
- Returns will be exclusively available on one system or the other and no new collections will be introduced to D2A.
- Once all data reporting has moved to APRA Connect, D2A will be retired.
To assist entities in their transition to APRA Connect, APRA will make a test environment available from the end of June 2021 as a permanent feature. In response to industry feedback we will also be conducting a pilot in the external test environment for a small number of Superannuation entities. The pilot is expected to take place in April/May 2021.
The test environment will allow entities to become familiar with APRA Connect and trial submission of entity information and regulatory data. Returns will be available in the test environment prior to the first reporting date that entities are required to submit them in APRA Connect. The test environment will also be used to support the design of new collections and APRA’s consultations with industry.
More information is now available on the new APRA Connect web pages, including what this means for each industry.
Note for ADIs and RFCs: APRA has changed the implementation approach for APRA Connect and the existing ADI collections will transition at a later date. Current reporting will continue through D2A.
How to prepare for APRA Connect
Entities should consider what the introduction of APRA Connect and the revised implementation approach means for their transition to APRA Connect.
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Business Lead, APRA Connect