Industry Super Australia (ISA) has hailed the Australian Prudential Regulation Authority’s (APRA) superannuation fund performance reporting proposal as a win for consumers.
In a submission to APRA, the organisation supported the publishing of the bulk of superannuation data, labelling the former reporting on fees, costs and asset allocation “inadequate”.
ISA noted that certain information had been made unavailable to protect commercial interests and called for a reversal of that mandate.
“We suggest that if transparency undermines the profitability of certain superannuation products, then that profitability must be at the expense of the consumer, and that any disadvantage to the provider would be entirely offset by a benefit to the consumer,” it said in the submission.
“Getting more detailed information on fees and costs within super funds can only boost consumer confidence in superannuation and the financial advice industry,” ISA chief executive David Whiteley said.
“We’re encouraged that the new approach strengthens the previous level of reporting.”
