APRA refines super reporting standards

australian-prudential-regulation-authority/APRA/mysuper/ASIC/australian-securities-and-investments-commission/

26 March 2014
| By Staff |
image
image
expand image

The Australian Prudential Regulation Authority (APRA) has revised six of its superannuation reporting standards after complaints of confusion from key stakeholders.  

The move follows efforts by APRA and the Australian Securities and Investments Commission (ASIC) to clarify their dual role in dealing with MySuper products earlier in the week.  

In a letter to registered licensees, APRA said it hoped the revisions, which include clarity on how to report investment fees and taxes, would simplify the reporting process.  

Among the other revisions, the regulator clarified that income and investment expenses should be reported on a gross basis rather than netted against each other. 

It also provided guidance on how to report MySuper products that begin after the first day of the financial year.  

The new, finalised standards will kick in on 1 April.  

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS