Fund trustees are required to provide new or updated product details via the lodge super product (FVSU) service no later than 10 business days before the new data takes effect.
When you submit details for a new unique superannuation identifier (USI), or update your bank details, it's important to first lodge a Financial institution account verification details template through Online services for business (OSB). Once approved, the FVSU transaction should then be submitted.
Make sure all information is accurate and complete to avoid any processing delays. After submission, it's important you check the new USI has been correctly registered and is active.
If you're updating critical data, it's always best to provide new or changed details immediately, but you must provide them at least 28 days before they become effective. This lead time allows gateways and clearing houses to adequately reflect the updated information so try to act early.
Updates to critical data include changes to:
- bank details
- end-point service address and gateways
- end-dating a USI.
Unless you're making a USI inactive, the ‘effective to’ date in all updates should remain 31/12/9999. Where you provide an actual end date in the transaction, it will close the USI from that date. To ‘reactivate’ an existing USI, you'll need to lodge new details with the new ‘effective from’ and ‘effective to’ dates.
Each USI must have a nominated and authorised person to verify the financial institution account (FIA) data (i.e. your FIA verification contact). If there are any changes to the FIA verification contact details, you must submit a Financial institution account verification details template with the updated information through Online services for business.
For more detailed information, refer to our Fund Validation Service User Guide.
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