The Investment and Financial Services Association (IFSA) has offered its full support for the publication of investment option performance comparisons for superannuation fund members.
However, in its submission to the Australian Prudential Regulation Authority (APRA) IFSA also raised its concerns over the regulator's plan to publish fund level performance data.
The industry body said that APRA's plan is a sub-optimal compromise between the information that the regulator collects and holds, and the information that superannuation fund members really need.
"IFSA's members fully support the publication of reliable and relevant performance data that will allow superannuation members to compare the performance of their investment option with that of similar options provided by other funds," IFSA chief executive Richard Gilbert said.
"It is important that the development of league table data proceed on the basis that the best outcome is achieved. A rushed and highly compromised outcome will not assist investors."
IFSA was concerned that a single figure trust level return on assets (RoA) did not reflect the investment experience of any one member or group of members.
"IFSA is concerned that RoA data as an interim measure would have the potential to mislead investors," Gilbert said.
"For many years, the industry has supplied unit pricing and investment option performance data on a weekly basis to several research houses and this data can be used in the meantime, as it is published in major daily newspapers."
The Australian Institute of Superannuation Trustees also voiced its concerns last week over the data used by APRA in its proposed super performance table, noting the information needed to be more tailored for consumers.
