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Super funds face fresh data requirements

The prudential regulator will request additional data from the country's super funds, in a bid to understand the full impact of the COVID-19 pandemic on the industry.

The COVID-19 Pandemic Data Collection (PDC) will enable the regulator to conduct an ongoing assessment of the impact of the coronavirus and the government's early release scheme on superannuation licensees.

"APRA understands that RSE licensees have been under considerable pressure during the COVID-19 pandemic, however APRA considers that the data in the PDC is essential to enable APRA to analyse the impact of COVID-19," APRA general manager of data analytics and insights Alison Bliss wrote in an open letter to superannuation trustees.

The PDC will comprise of two components; the first relating to monthly reported information covering complaints, insurance, advice and operational resilience; and the second relating to quarterly reported data on liquidity, early release demographics and insurance cancellations related to the Protecting Your Super reforms.

The PDC will provide the regulator with enhanced data surrounding ERS, set to provide better analysis of the demographics impacted by the pandemic. It will also provide APRA and ASIC with monthly data on complaints, as well as any cancelled insurance or claim activity.

The regulator said the PDC would give APRA oversight into member switching, investment options, foreign currency exposure and hedging, to better understand the impact of COVID-19 on the industry.

Registrable superannuation entities will be required to provide the monthly component of the data on July 31, and will cover the months of April and June.

"Going forward, the collection for information on the first component will be due 15 business days following the end of the month," Bliss said.

Quarterly information requirements will also be due on July 31, and will also be due 15 business days following the end of the quarter going forward.

The data will be published on a monthly or quarterly basis.

APRA has requested any concerns be raised director to the regulator, and will be holding a webinar in early July to clear up any queries.

"APRA understands that the PDC is at short notice on already constrained resources and that some funds may find it difficult to implement in the timeframes required," Bliss said.

Read more: APRASuperPDCCOVID-19Alison BlissPandemic Data Collection
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