The timing of regulatory data reporting commencing in APRA Connect will vary by industry. Existing data collections for banks will continue through D2A for the time being.
APRA (Australian Prudential Regulation Authority) has recommenced its project to deliver a new data collection solution, known as APRA Connect, and has released a revised implementation approach and timeline.
APRA Connect, set to ultimately replace Direct to APRA (D2A) as APRA’s data collection tool, is a modern, efficient and flexible solution to improve data collections and support evolving regulatory needs, the regulator says.
“It underpins APRA’s broader data enabled capability uplift, and is designed to ensure APRA keeps pace with advances in data, analytics and technology.”
APRA Connect will go live at the end of September 2021, with a progressive cutover of regulatory data reporting to the new solution over the coming years. The new go-live date follows a six month period of suspension due to the Covid-19 pandemic.
The timing of regulatory data reporting commencing in APRA Connect will vary for each industry, and for the time being, D2A will continue to be used for most existing collections. This means that dual reporting systems should be in place for the medium term and any resubmissions for D2A-submitted returns must be made through D2A.
The first regulatory data collections to be introduced in APRA Connect at the September 2021 go live will be the Private Health Insurance (PHI) Reform (HRS 605.0) and Superannuation Data Transformation collections.
All entities who submit Form 701 for intermediated insurance business will be required to use APRA Connect, with the first submission due from January 2022.
For authorised deposit-taking institutions (ADIs) and registered financial corporations (RFCs), APRA has changed the implementation approach for APRA Connect and the existing ADI collections will transition at a later date. Current reporting will continue through D2A.
To assist entities in their transition to APRA Connect, APRA will make a test environment available from the end of June 2021 as a permanent feature.
In response to industry feedback, APRA will also be conducting a pilot in the external test environment for a small number of superannuation entities in April/May 2021.
No new collections will be introduced to D2A. Once all data reporting has moved to APRA Connect, D2A will be retired.
APRA’s letter on the new timelines is available here.
More information is also now available on the new APRA Connect web pages, including what the not data collection solution means for each industry.