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.
DB pension schemes
The Cost Transparency Initiative (CTI) launched a new cost transparency framework in May 2019. 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.
An excel data sheet also provides a visual representation of the data fields.
DC workplace pensions
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.
MiFID II, PRIIPs and Solvency II
The Financial Data Exchange group (FinDatEx) was launched in February 2019 to replace the European Working Group (EWG). The EWG was originally formed as a tripartite initiative between the IA, BVI and Club Ampere together with asset managers and insurers and was later expanded to take in a wider range of jurisdictions and industry sectors. After many years of successful informal collaboration, it became apparent that a stronger and clearer governance structure was needed. FinDatEx will maintain the inclusiveness of the previous informal structure whilst aiming to improve transparency by establishing a clear process for drafting and adopting templates.
More details of FinDatEx and a comprehensive library of all the current European templates and supporting Q&As can be found at FinDatEx.eu.
European template development
During the summer of 2018 the EWG developed an EMT V2.0 but this was not endorsed for use by the European associations. During the establishment of the FinDatEx, further aspects of the EMT were identified as needing attention. Therefore, the timeline for endorsement and transition is yet to be determined by FinDatEx and V1.0 remains the current version of the EMT. We will update these pages as we get more information.
The EWG also produced a mapping table comparing the two versions.