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Latest News
15 March 2024
FinDatEx issued version 4.2 of the European MiFID Template (EMT V4.2) for consultation with comments invited by 5 April. An education session will be held on Monday 25 March.
UK Initiatives
Consumer Duty
The Joint Trade Associations Working Group was formed to develop industry standards for the provision of data by both product manufacturers and distributors as required under the Consumer Duty.
The group is made up of Trade Associations representing both manufacturers and distributors and its members are the Association of British Insurers (ABI), the Association of Investment Companies (AIC), The Investment Association (IA), the Personal Investment Management and Financial Advice Association (PIMFA), the UK Platform Group (UKPG), the UK Structured Products Association (UKSPA), and The Investing and Savings Alliance (TISA).
Target market and value assessment
In April 2023, on the advice of the Joint Trade Associations Group, FinDatEx issued version 4.1 of the European MiFID Template (EMT V4.1). The update builds on the target market specification and costs and charges information already in the EMT with new fields to enable distributors to understand the outcome of the manufacturers' value assessments.
Last update: 11 April 2023
Distributor feedback loop
In September 2023, the Joint Trade Associations Group issued version 1 of the Distributor Feedback Template (DFT) for the provision of data by distributors to support manufacturers' product reviews and monitoring obligations.
Last update: 29 September 2023
Supporting pension schemes
In the UK a number of templates have been developed with the aim of providing information to pension schemes in standardised formats.
Most recently, members of the PLSA, ABI and IA worked together to develop a template for investment managers to deliver TCFD data to pension schemes.
Other initiatives include the Cost Transparency Initiative (CTI), aimed primarily at standardising cost disclosures for DB pension schemes, and the DC workplace pensions template, designed to fulfil investment manager's obligations under COBS 19.8 regarding the provision of transaction cost data.
Carbon Emissions Template (CET)
The Joint PLSA/ABI/IA Working Group has issued the second edition of the Carbon Emissions Template (CET) to help pension schemes meet their obligations under the Climate Change Governance and Reporting Regulations, and associated DWP Statutory Guidance. This edition reflects updates to the Regulations, Statutory Guidance, and the PCAF Standard.
This version builds on the first edition by adding a basic portfolio alignment metric, developing the information about sovereign debt, and introducing the capacity to provide information related to derivatives.
We would welcome feedback in light of implementation experiences and suggestions for further developments.
Last update: 3 February 2023
Cost Transparency Initiative (CTI)
The CTI launched a new cost transparency framework in May 2019 aimed primarily at DB pension schemes. The framework builds on proposals put forward by the IA in March 2017 and the recommendations of the Institutional Disclosure Working Group (IDWG) in June 2018. The framework is underpinned by the Institutional Cost Template (a machine-readable codification of the data set). An excel datasheet also provides a visual representation of the data fields.
- The "Data Loader" tool enables data output in the Institutional Cost Template (ICT) format (machine-readable data string) to be converted into the main account template format (human-readable excel sheet).
- The "Monetary Inputter" tool allows manual input of monetary amounts into the main account template and for these amounts to be converted to percentages. This is aimed primarily at segregated mandates.
Additional guidance for real estate funds can be found on the AREF website.
DC workplace pensions (DCPT)
A joint ABI/IA working group developed the DC Workplace Pensions Template (DCPT) and the Fair Value mid-Price Template (FVPT) for the purpose of providing insurers with transaction costs data in accordance with COBS 19.8.4R. DCPT V1.0 was issued in December 2017 and FVPT V1.0 was issued in May 2018.
The IA and ABI modified the DCPT to take account of changes to the rules in COBS 19.8 and issued DCPT V1.1 issued in April 2020. The changes are minor and affect only the definitions of existing fields 02010 and 02080. DCPT V1.1 should be used only when reporting for periods ending on or after 1 April 2020.
European Initiatives
Financial Data Exchange (FinDatEx)
FinDatEx (Financial Data Exchange) is a joint structure established by representatives of the European financial services industry with the view to coordinate, organise and carry out standardisation work to facilitate the exchange of data between stakeholders in the application of European financial markets legislation, such as MiFID II, PRIIPs, Solvency II and SFDR.
FinDatEx’s mission is to support the development and use of standardised technical templates to facilitate the exchange of data between stakeholders in the application of European Financial market legislation. To find out more and to sign up for information from any of the working groups, please visit findatex.eu
MiFID II working group (EMT and EFT)
FinDatEx issued version 4.2 of the European MiFID Template (EMT V4.2) for consultation in March 2024 with comments invited by 5 April 2024. The amendments provide additional granularity about the indirect and real asset components of the ongoing costs figure for the UK market and indicate whether a fund provides consumer-facing disclosures in accordance with UK Sustainability Disclosure Requirements (SDR).
FinDatEx issued version 4.1 of the European MiFID Template (EMT V4.1) in April 2023. The amendments add new fields to support the price and value outcome of the UK consumer duty and the divergence in PRIIPs transaction costs methodologies. V4.1 is available for immediate use and will exist in parallel with version 4.
FinDatEx issued version 4 of the European MiFID Template (EMT V4) in March 2022 together with the new European ESG MiFID Template. EMT V4 replaces both V3 and V3.1 with effect from 31 July 2022.
FinDatEx issued the European Feedback Template (EFT V1) in December 2020. This template standardizes the information to be sent back from the distributor to the manufacturer under the MiFID II target market requirements.
Last update: 15 March 2024
ESG working group (EET)
FinDatEx issued version 1.1.2 of the European ESG Template (EET V1.1.2) in December 2023. The new version included minor changes and corrections to the previous version and included the addition of the FCA's sustainability labels. EET V1.1.2 can be used from 31 December 2023 and should be delivered before end of March 2024 for SFDR entity level reporting.
FinDatEx provided a set of recorded presentations to accompany the launch of the EET in 2022 and has since maintained a series of explanatory slides with each update:
Last update: 20 December 2023
Solvency II working group (TPT)
Version 6 of the tripartite template (TPT) is valid from 31 March 2022, and replaces version 5 from 30 June 2022.
For more information see our circulars to members:
PRIIPs working group (EPT)
FinDatEx issued version 2.1 of the European PRIIPs Template (EPT V2.1) in September 2022, and an editorial update in October 2022 affecting field 08040, reflecting the revised UK PRIIPs regime. V2.1 will exist in parallel with version 2.
FinDatEx issued version 2 of the European PRIIPs Template (EPT V2) in February 2022 reflecting the revised EU RTS published in December 2021. EPT V2 is intended to be used for products sold in the EEA from January 2023 onwards.
Version 2.1 and version 2.0 will coexist with V2.1 being required to support UK insurers and both versions being suitable for supporting EU insurers.
Last update: 12 October 2022
The current suite of data delivery templates covers a range of UK and European requirements. The templates will be reviewed on a periodic basis and updates will be issued where appropriate.
