APRA to deepen superannuation data collection across the industry

The Australian Prudential Regulation Authority (APRA) has launched the second phase of its multi-year project to enhance the breadth, depth and quality of data collected from the superannuation industry.

Phase 2 of APRA’s Superannuation Data Transformation (Depth) will focus on lifting the granularity of the data APRA collects across all of the superannuation industry’s business operations.

It follows the completion in March 2021 of Phase 1 (Breadth), which addressed urgent data gaps and extended the collections to include choice products and investment options.

The Superannuation Data Transformation is a significant initiative launched in 2019 to drive better industry practices and improve outcomes for superannuation fund members through heightened transparency.  

The latest phase of the project will deliver more comprehensive data on:

• retirement outcomes for superannuation members;
• the performance and efficiency of the industry;
• governance, risk management practices, fund operations and industry risks. 

APRA will also identify and discontinue redundant data collections.

APRA Member Margaret Cole said: “Superannuation is one of the largest financial assets for many Australians so it is critical that industry participants are held to account for their performance and outcomes for their members.

“Enhancing the granularity of data reported is an important next step in achieving greater transparency and deeper insights into every aspect of the superannuation industry’s operations.

“APRA will use the additional data to strengthen prudential oversight of the superannuation industry. This will, in turn, support the work APRA is doing to improve outcomes for members and increase supervisory intensity where trustees are underperforming or where improvements in practices are needed,” Ms Cole said.

APRA proposes to conduct industry consultation across three periods from September 2022 to June 2023 on the following topics: 

• September to November 2022: RSE licensee operations and profile and financial data
• November 2022 to February 2023: Non-financial risk, insurance and investments
• March to June 2023: Membership, retirement outcomes, defined benefits, disclosure and any other topics raised through consultation

A discussion paper setting out the objectives, scope and consultation process for Phase 2 is available at: Phase 2 Depth.