The Australian Prudential Regulatory Authority (APRA) does not expect super funds will be capable of meeting the July deadline for the new reporting framework on statistical collection and will probably phase in the new framework, APRA deputy chairman Ross Jones has warned.
Speaking at the Australian Centre for Financial Studies symposium, Jones said The Reserve Bank, the Australian Bureau of Statistics, the Australian Securities and Investments Commission and academia all wanted different kinds of information, and that was going to make the stats collection harder and more complex for super funds, Jones said.
Not all the legislation on the matter has been passed yet, which has made it even more complicated, he said.
Jones warned that some statistical collection will start this year, but there will probably be a January 1 2014 start date for some collection, and maybe even a July 1 2014 start date.
He said the industry could only provide the statistics that APRA wanted, but wasn't capable of reporting what other organisations wanted.
Ross also warned delegates that trustees would not be able to abrogate their trustee responsibilities because they outsourced certain functions like investment decisions and administration.
APRA expects due diligence will be performed and that there will be ongoing monitoring of all service providers, he said.
