Fund Validation Service: Securing Your Fund's Future
As part of the regulatory requirements, APRA-regulated funds must provide the details of their rollover and contributions of their products on the Fund Details Register. This is where the Fund Validation Service (FVS) comes into play. In this article, we will take a close look at the FVS and its functions and features.
FVS Web Services:
- The FVS is a collection of web services designed to aid fund managers in updating their unique superannuation identifiers (USIs) for the rollover and contribution details of their respective funds. The FVS comprises of three web services:
1. Lodge (FVSU) – used to update the USI details of a fund.
2. Get (FVSG) – enables funds, intermediaries, or employers to get details of a super product
3. List (FVSL) – enables funds, intermediaries, or employers to get a list of product names and USIs.
Mandatory use of the FVS:
The FVS is mandated for use by APRA-regulated funds and retirement savings account (RSA) providers. The FVS User Guide provides instructions for using the FVS, while the FVS terms and conditions detail who can access the service and the responsibilities of the users.
USI (Unique Superannuation Identifier):
A USI helps identify super funds and individual super fund products for electronic rollovers and contributions. A fund may have one USI or a USI for each product. The USI allows payments to be made to funds at the product or sub-fund level instead of the fund level. A product's super product identification number (SPIN) can be used as a USI, and there is no limit to the number of USIs a fund can nominate per registrable super entity.
Electronic Service Address:
A trustee must provide one electronic service address for each USI of an entity. However, a second electronic service address may be provided for a USI if a fund chooses a different gateway intermediary for contributions and rollovers. A uniform resource locator (URL) is one of the digital addresses approved for use in receiving electronic communications.
Primary and Secondary Data:
The register records data to be used for contributions as primary data and that to be used for rollovers as secondary data. The FVS will default to using primary data when only the primary data is available or provided by the fund.
Correcting errors is the responsibility of the fund's trustee. For significant errors that could cause rollovers or contributions to fail, re-lodging an update to the USI record through the web service is necessary. However, the correction of critical information such as financial institution account details, effective dates, or service addresses must be addressed by emailing [email protected].
Security and Fraud Risks:
There are two primary security threats when it comes to managing the Fund Details Register: creating false USIs or changing authentic ones and compromising bank account details and other identifiers of funds. To mitigate these risks, it is imperative to adhere to lodgment and verification processes and security guidelines in the Fund Validation Service user guide and implement appropriate fraud prevention and security controls.
Appointing Another Entity to Access FVS Updates:
- To grant access to FVS updates to another entity, the principal authority or authorization administrator for the fund must use Access Manager to appoint them using Lodge super product details functionality.
- Self-Managed Super Funds (SMSFs):
SMSFs are excluded from the FVS. Payments to SMSFs will continue to be made at the fund level.
Exempt Public Sector Super Schemes:
- Although exempt, Public Sector Super Schemes may choose to be listed on the Fund Details Register.
The Fund Validation Service (FVS) is an essential tool for managing the Fund Details Register. APRA-regulated funds and RSA providers must utilize the FVS to update the rollover and contribution details of their products. A uniform resource locator (URL) can be used as an electronic service address. Implementing appropriate fraud prevention and security controls are recommended to mitigate security and fraud risks when managing the Fund Details Register.
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