Check what you need to report on retail investments.
New business
Some firms may be closed to new business, although existing contractual commitments mean writing some 'new' business such as:
- Increments.
- Policies arising from options.
- New members of existing schemes.
Firms do not need to include sales relating to products:
- 'Closed' for new business as at 1 April 2005
- Where new business from 1 April 2005 has been restricted to increments to:
- Existing business.
- New members to existing schemes where the expected number of new members is minimal, arising from a passive sales process.
Private and non-private customers
We prefer 'non-private' sales to be excluded from your PSD return.
However, if this is not possible, for instance for firms that treat institutional investors as 'private customers' and find it difficult to identify these to exclude from the report, these firms can include all transactions in the report.
Nominee deals
We are aware that, in most instances, the underlying customer data is held by the nominee firm and not by the firm. So, although we intend to revisit this issue at a future date, the interim position we have agreed is as follows.
Nominee deals and deals via life companies will be excluded from the scope of PSD reporting.
However, if the firm arranges deals through an in-house ISA manager (who is part of the same group of companies), it should – where possible – include all individual personal holdings on the register in the PSD return.
Selling products overseas
We are primarily concerned about products sold to UK consumers.
If a UK-authorised firm is selling products to non-UK customers, you do not need to report the overseas sales.
Specific products
ISAs
PSD only relates to the customer’s initial investment.
You do not need to report switches or further contributions (top-ups) for ISAs.
Income drawdown
Firms only need to report when the customer takes income drawdown, not when the original pension is sold or transferred in.
Group personal pensions
You only need to report individual contracts for group personal pensions, not at group level.
Holloway contracts
Firms should report Holloway contracts. We suggest you:
- Report these sales under the Retail Investments section.
- Use the "other" product type code.
