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APRA's Superannuation Data Transformation program will overhaul the breadth, depth and quality of its superannuation data collection. The changes are intended to support greater supervision intensity, drive better industry practices and improve member outcomes by enhancing the comparability and consistency of reported data. APRA's data transformation poses strategic and operational considerations for all regulated entities and service providers in the superannuation industry.
APRA is taking a phased approach to the Transformation program, with current consultations focused on addressing the most urgent gaps in APRA’s data collection, particularly for choice products and investment options. Reporting entities will need to prepare for Phase 1 in the knowledge that further changes to the data collections are on the immediate horizon through Phase 2 (Depth) and Phase 3 (Quality), without APRA committing to a fixed timeframe at this stage.
Entities will also need to consider APRA’s D2A replacement with APRA Connect going live in September 2021.
In this webinar we reviewed the Superannuation Data Transformation announcements to date and look into the Phase 1 requirements, impacts and opportunities for industry participants.
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