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.

UK Initiatives

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 (a machine-readable codification of the data set). An excel data sheet also provides a visual representation of the data fields.

CTI Template Tools

IA has provided additional tools to assist in the production of cost data using the CTI framework:

  • 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.

These are both beta test tools and we would welcome feedback about experiences of using them. Please submit your comments to [email protected].

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.

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 Templates) is a joint structure established by representatives of the European Financial services sector industry with the view to coordinate, organise and carry out standardisation work to facilitate the exchange of data between stakeholders in application of European Financial markets legislation, such as MiFID II, PRIIPs and Solvency 2.

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.

MiFID II working group (EMT and EFT)

FinDatEx issued the European Feedback Template (EFT V1) in December 2020. This template standardises the information to be sent back from the distributor to the manufacturer under the MiFID II target market requirements.

FinDatEx issued version 3 of the European MiFID Template (EMT V3) in December 2019, together with a table of the changes made. The period for migrating to version 3 ended on 10 December 2020 after which all previous versions were withdrawn.

FinDatEx issued version 3.1 of the European MiFID Template (EMT V3.1) in February 2021. This is an interim version designed to facilitate compliance with SFDR Level 1 requirements as of 10 March 2021. EMT V3.1 and V3.0 coexist and cannot be merged. In comparison to V3.0, data field 56 has been updated and data fields 95-98 added.

ESG sub group

FinDatEx issued version 3.1 of the European MiFID Template (EMT V3.1) in February 2021. This is an interim version designed to facilitate compliance with SFDR Level 1 requirements as of 10 March 2021. EMT V3.1 and V3.0 coexist and cannot be merged. In comparison to V3.0, data field 56 has been updated and data fields 95-98 added.

FinDatEx is forming an ESG working group to create a European ESG Template (EET) to meet the prudential, distribution and disclosure needs of insurers, pension schemes, banks and distributors.

Solvency II working group (TPT)

The working group completed its latest review in December 2019 which resulted in an updated version, 5, which takes effect from March 2020. The validity of previous versions 3 and 4 expire with the last 2020 reporting in January 2021 and should not be used from 1 February 2021. Guidance on the use of version 5, and a general Q&A, is available here, and a marked-up comparison with v4 is available here.

The updated version intends to enable the TPT to be used to comply with ECB/EIOPA reporting requirements (EU regulation 2018/231), without the need for supplementary information (subject to local applicability of the IORP Directive in some jurisdictions). See column AE for how the TPT achieves this.

For more information see our circulars to members: New v5 (016-20); Minor updates to v5 (604-20).

PRIIPs working group (EPT)

The working group will consider changes to European PRIIPs Template (EPT V1.1) in once the current impasse is resolved and revised RTS are issued. In the meantime a form has been provided for logging issues.