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Status: You are viewing the version of the handbook as on 2009-03-31.

SUP 16.11 1Product Sales Data Reporting

Application

SUP 16.11.1RRP

This section2 applies to a firm which is a home finance provider3 or in respect of sales to a retail client5 or a consumer5:

355
  1. (1)

    an insurer; or

  2. (2)

    the operator ofa regulated collective investment scheme, an investment trust savings scheme , or a personal pension scheme 4; or

    4
  3. (3)

    a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product,

unless the firm is a managing agent.

Purpose

SUP 16.11.2GRP
  1. (1)

    The purpose of this section2 is to set out the requirements for firms in the retail mortgage, investment, and pure protection contract markets specified in SUP 16.11.1 R to report individual product sales data to the FSA. This requirement applies whether the regulated activity has been carried out by the firm, or through an intermediary which has dealt directly with the firm.

    2
  2. (2)

    The purpose of collecting this data is to assist the FSA in the ongoing supervision of firms engaged in retail activities and to enable the FSA to gain a wider understanding of market trends in the interests of protecting consumers.

Reporting requirement

SUP 16.11.3RRP
  1. (1)

    A firm must submit a report (the

    'data report') containing the information required by SUP 16.11.5 R quarterly, within 20 business days of the end of the quarter, unless (3) applies.

  2. (2)

    The reporting periods are the four calendar quarters of each year beginning on 1 January.

  3. (3)

    A firm need not submit a data report if no relevant sales have occurred in the quarter.

SUP 16.11.4GRP
  1. (1)

    A firm may submit a data report more frequently than quarterlyif it wishes.

  2. (2)

    If it is easier and more practical for a firm to submit additional data relating to products other than those specified in SUP 16.11.5 R, it may submit that additional data to the FSA in a data report.

Content of the report

SUP 16.11.5RRP

The data report must contain sales data in respect of the following products:

  1. (1)

    retail investments;

  2. (2)

    pure protection contracts;

    3
  3. (3)

    regulated mortgage contracts (but not further advances);3

  4. (4)

    home purchase plans; and3

  5. (5)

    home reversion plans3

SUP 16.11.6G

Guidance on the type of products covered by SUP 16.11.5 R is contained in SUP 16 Annex 20G.

SUP 16.11.7RRP

The data report must comply with the provisions of SUP 16 Annex 21R.

SUP 16.11.8RRP

The data report must relate both to transactions undertaken by the firm and to transactions undertaken by an intermediary which has dealt directly with the customer on the firm's behalf.2

SUP 16.11.8AGRP

2Where the operator of a collective investment scheme receives business from a firm which operates a nominee account, the data report in respect of those transactions submitted by the operator should treat those transactions as transactions undertaken by the operator with the firm.

SUP 16.11.9RRP

A firm must provide thedata report to the FSA electronically in a standard format provided by the FSA.

SUP 16.11.10GRP

A data report will have been provided to the FSA in accordance with SUP 16.11.9 R only if all mandatory data reporting fields (as set out in SUP 16 Annex 21R) have been completed correctly and the report has been accepted by the relevant FSA reporting system.

Use of reporting agents

SUP 16.11.11RRP
  1. (1)

    A firm may appoint another person to provide the data report on the firm's behalf if the firm has informed the FSA of that appointment in writing.

  2. (2)

    Where (1) applies, the firm must ensure that the data report complies with the requirements of SUP 16.11 and identifies the originator of the transaction.