The Australian Prudential Regulation Authority (APRA) will further increase transparency in superannuation by publishing new data on how members’ funds are being spent and invested by trustees.
The move follows a consultation with industry late last year in which APRA sought feedback on proposals to treat most of the data it now collects on fund expenses and detailed asset allocation information as ‘non confidential’ and, therefore, available for publication.
The new expenditure data to be published from August 2024 will provide details on:
- the breakdown of expenses for the whole industry, and for each fund, by more detailed categories including administration, advice, member services, marketing, trustee board (including director remuneration), and other corporate overheads (such as travel and entertainment); and
- recipients of payments made by each fund to industrial bodies and related parties, in relation to promotion, marketing or sponsorship expenses and any political donations.
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