APRA/ASIC Letter to RSE Trustees – Consistency for disclosure and reporting

On 21 March 2013 APRA and ASIC provided joint correspondence to all RSE Licensees to clarify how information must be consistently provided in respect of section 29QC of the SIS Act.  This means that the requirements under the relevant reporting standard and method of calculation must be the same as that disclosed to a member, particularly through a website.

APRA have emphasised this requirement is for comparability of information about superannuation products, and given the compulsory nature of superannuation ensures members are fully and reasonably informed.

In the Letter to Trustees, APRA, by way of example, point to Reporting Standard SRS 700.0 Product Dashboard which is also required to be included in an RSE licensee’s disclosure documents.  Similarly data required to be submitted to APRA under Reporting Standard SRS 533.0 Asset Allocation, and Reporting Standard SRS 702.0 Investment Performance and Reporting Standard 703.0 Fees Disclosed is related to information a licensee is required to disclose under the Corporations Act.

Where the information provided to a member is the “same” or “equivalent” as that given to APRA the method of calculation must be consistent and in accordance with the Reporting Standards.  So, for example from 1 July 2014, SRS 703.0 will require RSE licensees to report fees and costs information required to be disclosed in their PDS. Prior to this date, APRA intends to update SRS 703.0 to ensure that the calculation methodology for that information is fully aligned with the requirements in the regulations for PDSs and consistent with the Explanatory Statement for the regulations which provides that fees and costs must be disclosed gross of income tax.


A copy of the letter has been made available on the APRA Website and can be accessed here:








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