Verification of Funds Service
On the Fund Details Register, your APRA-regulated fund is required to provide information about rollovers and contributions related to its products. This is accomplished through the use of the Fund Validation Service (FVS).
On the following page
Web services provided by FVS
The following web services are included as part of the FVS:
- Lodge (FVSU) is the service that you use to make changes to the information associated with your fund's unique superannuation identifier (USI). To clarify, this refers to the specifics of your fund's products regarding rollovers and contributions.
- Get (FVSG) is a tool that gives funds, intermediaries, and employers access to information about a particular super product. This includes financial information, the address of the electronic service, and contact details.
- Funds, intermediaries, and employers are able to obtain a list of product names and USIs through the use of the FVSL.
The Standard Business Reporting (SBR) framework is used to gain access to the Financial Value System. It's possible that you'll need to develop FVS-enabled software on your own or buy it from a digital service provider (DSP).
Utilization of the FVS is required by law.
Use of the FVS is compulsory for providers of APRA-regulated retirement savings account (RSA) funds and retirement savings accounts. The FVS user guide will walk you through how to use it, and the FVS terms and conditions will outline who is permitted to use the service as well as their respective obligations.
It is optional for exempt public sector pension and superannuation schemes to be included on the register.
Only changes that are made through the FVSU (lodge) web service will be accepted to the FVS. Any super provider that is unable to access the FVSU web service is required to have back-up plans in place with a third-party service provider.
It is possible that we will publish information regarding annuity products in the register in order to encourage the voluntary adoption of the standard by life insurance companies.
The Financial Volatility Statement (FVS) does not include self-managed super funds (SMSFs). At the fund level, payments will continue to be made to self-managed superannuation funds (SMSFs).
Unique superannuation identifier
To identify individual super funds and individual super fund products for the purposes of electronic rollovers and contributions, a USI is used. It's possible for a super fund to have just one USI, or it could have one for each product. The USI makes it possible for money to be paid into funds not at the fund level but rather at the product or sub-fund level.
A fund's ability to nominate a certain number of USIs for each registrable super entity is not constrained in any way by the regulations. Nevertheless, there are real-world repercussions that result from a significant number of U.S. incidents, including the following:
- the additional burden of administrative work caused by the upkeep of the associated fund details
- electronic interaction with your employers and funds may become more difficult, rather than more straightforward, as a result of this possibility.
You ought to give some thought to reducing the total number of USIs, bank accounts, and service addresses that a sender is required to deal with. It is in the best interest of your company to shield external parties from the internal complexity of your systems whenever and wherever this is possible, as this will reduce the likelihood of allocation errors.
As an alternative to the product's unique serial number (USI), you can use the super product identification number (SPIN).
Electronic service address
According to the regulations, a trustee is required to provide one electronic service address for each USI of an entity. This address must be for a gateway intermediary service, which will serve as the end-point of the address. If a fund decides to use a different gateway intermediary for contributions and rollovers, then a second electronic service address may be provided for a USI. In this particular instance, we will consider the address where contributions have been made to be the primary service address, and the address where rollovers have been made will be considered the secondary service address.
The use of a uniform resource locator, or URL, as one form of digital address for the purpose of receiving electronic communications has been sanctioned by our organization.
Data from primary and secondary sources
The information that will be used for the contributions is recorded as primary data in the register. Secondary data is where information that will be used for rollovers is recorded.
Primary and secondary fields will only be present in some of the data fields. When only primary data is provided by a fund, this information will automatically be used for secondary (rollover) messages and payments.
Putting a stop to mistakes
The legal obligation to rectify mistakes rests squarely on the shoulders of the trustee of the fund.
If you find a significant error in the register and that error is likely to cause rollovers or contributions to fail or be misdirected, you should immediately re-lodge an update to the USI record via the web service. This should be done as soon as possible after you discover the error. After that, the register is going to be amended.
You need to let us know via email at [email protected] if there is an error in any of the essential information that you have provided, such as the effective dates, the account details for your financial institution, or the service addresses.
For critical issues relating to fund details in the Fund Details Register, visit the software developers site at a href="MY_REDIRECT_PREFIXhttp://softwaredevelopers.ato.gov.au/supervalidationservices" target="_blank" rel="noreferrer noopener">http://softwaredevelopers.ato.gov.au/supervalidationservices/span>/a> for more information. /
Threats to safety as well as fraud
We have identified the following as the two primary dangers:
- A threat agent, which could be a member of your internal staff or an external collaborator, could try to create fake USIs on your behalf or alter the details of authentic USIs, such as their bank account or service address.
- By accessing your systems or intercepting your communications or download sessions with us, a threat agent, which could be a member of your internal staff, an external collaborator, or even a hacker, could try to change, steal, or otherwise compromise the details of your bank accounts and other identifiers of funds.
You need to think about ways to reduce potential dangers to your systems. At the very least, you need to make sure that you comply with the guidelines for security and lodgment outlined in the user guide for the Fund Validation Service.
You are the one who is responsible for implementing the appropriate security controls and fraud prevention measures within your environment. To help mitigate the risks associated with managing the register and the associated interactions with you on data collection and dissemination, we have put in place a comprehensive set of security and fraud controls.
A third party being given authorization to access FVS updates
To delegate the task of accessing FVS updates on your behalf to another entity:
- Logging into Access Manager is the responsibility of the principal authority or authorization administrator for the fund.
- From the menu on the left, choose the people who can enter my company.
- You will be presented with a list of companies that have already been granted authorization for at least one activity. Check to see if the company that you want to appoint already has one of your fund's business appointments if you want to appoint them. If this is the case, there is no need for any further action on your part.
In the event that the company does not appear:
- To appoint a new business, please click here.
- Enter the Australian Business Number (ABN) of the company that you wish to appoint.
- Select continue
- A rundown of the available online features can be found in the section labeled "Business Details." Select Lodge super product details
- Keep a copy of the record. You have now delegated the responsibility of keeping the FVS register current to the other entity in your responsibility.
Identifier for a web service
Access Manager description
FVS Lodge (FVSU)
Lodge super product details
FVS List (FVSL)
List super products
FVS Get (FVSG) – Single
View super product details
FVS Get (FVSG) – Bulk
Not shown in display
In the event that an agent's authorization is revoked, you are required to delete the business appointment using Access Manager.On the Fund Details Register, funds that are regulated by APRA are required to provide details regarding rollovers and contributions to their products. They accomplish this through the utilization of the Fund Validation Service (FVS).
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