AUSTRALIA - Savers are a step closer to being able to compare superannuation fund performance following the release of a discussion paper by the Australian Prudential Regulation Authority (APRA).
Minister for superannuation and corporate law Nick Sherry requested APRA consider how it might publish performance data which is disaggregated to the individual fund level.
The discussion paper, entitled Fund level disclosure from the APRA superannuation statistics collection, sought suggestions on how the regulator should publish compilation tables and what should be included in the compilation.
Deputy chairman Ross Jones said: "The information in this new annual publication is intended to improve the disclosure of fund-level performance data and assist fund members, trustees and the wider industry."
Investment and Financial Services Association chief executive Richard Gilbert explained it was critical for consumers to be able to make comparisons across funds at a product level.
He said: "It will help investors make informed decisions and it will help drive down costs because people will be able to see what the returns are.
"If the data is just thrown into one big pot and averaged, that is not going to help anyone make a sensible decision.''
The target date for publication is expected to be around April 2009.
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