Rollover recalls that old and somewhat insulting maxim that those who can, do, while those who can’t, teach.
In this age of millennials and digital he believes that maxim might be amended to those who can, do, while those who can’t, collect data.
Which probably explains why the Australian Prudential Regulation Authority has actually established a whole COVID-19 data set – the Pandemic Data Collection – which if you work at APRA Central in Sydney’s Martin Place you would be calling the PDC.
And Rollover reckons that superannuation fund trustees and executives would be foolish to ignore the PDC, with APRA writing them a letter acknowledging that they are probably busy in these days or early release superannuation and dealing with the Australian Taxation Office (ATO) but that they equally need to find time to contribute to the PDC.
What is more, APRA has signalled that the punishment will continue until morale improves, stating “the PDC will continue until issues that are being faced by registrable superannuation entity (RSE) licensees relating to the COVID-19 pandemic have abated”.
In financial services regulation as in politics, it is a numbers game.