APRA has issued a letter to all registrable superannuation entity (RSE) licensees on a new Covid-19 Pandemic Data Collection (PDC) which includes monthly data on member accounts with insurance that have been cancelled and insurance claim activity.
APRA says the new PDC will enable assessment of the impact of Covid-19 on the superannuation industry and the outcomes being delivered to members.
The letter, which is signed by Alison Bliss, APRA’s General Manager, Data Analytics & Insights, outlines the purpose of the PDC including that it will “provide APRA and ASIC with monthly data on complaints, member accounts with insurance that have been cancelled, insurance claim activity and intra-fund advice provided”.
It will also provide APRA with enhanced data surrounding the early release of superannuation, enabling analysis of impacted demographics; and provide it with quarterly data on investment options, foreign currency exposure and hedging, and member switching.
The letter says that APRA understands that RSE licensees have been under considerable pressure during the pandemic, “however APRA considers that the data in the PDC is essential to enable APRA to analyse the impact of Covid-19”.
It says the PDC will continue until issues that are being faced by RSE licensees relating to the pandemic have abated and that a review of the continued need for the PDC will occur in late September 2020.
Click here to read the letter from APRA to RSE licensees.