Nick Sherry
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, has signalled that he would like the Australian Prudential Regulation Authority (APRA) to publish definitive data on Australia’s best and worst superannuation funds.
Addressing a Pensions and Investment Summit on the Gold Coast, Sherry said that while private ratings houses published their analysis of the top 100 performing funds, he would like to see data published with respect to the bottom 100 performing funds.
He said that publication of such data should also be accompanied by a sophisticated analysis of why the good or adverse performance had occurred.
“Given the choice environment, they (consumers) are entitled to know what the bottom line performance of a fund is,” Sherry said. “Information is power and it is very important that they have it.
“And I believe strongly that APRA is the appropriate organisation to provide that information,” he said.
The minister’s comments follow recent criticism directed at the quality of data provided by APRA, which has acknowledged that it has not always been able to gather all the data that is required.
