APRA’s MySuper Heat Map: what’s it all about
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry.
The MySuper Product Heatmap provides additional transparency on the outcomes being delivered by all trustees providing MySuper products. It’s designed to lift industry practices and enhance member outcomes by publicly identifying which MySuper products are underperforming and the areas in which they need to improve.
It uses a graduating colour scheme to provide credible, clear and comparable insights into MySuper products across three areas: investment performance, fees and costs, and sustainability of member outcomes.
APRA has released an online, interactive, web-based tool to help users explore the Heatmap more easily. Among its features, the tool allows users to sort by trustee, RSE or MySuper product, as well as filtering for single-strategy or lifecycle products.