XL Reports – Product Sales Data

Introduction

Product Sales Data has to be submitted to the FSA each quarter for SIPPs. In XL Reports, the PSD report is on the Miscellaneous tab which is only shown if the scheme type is SIPP.

The intention is that you can generate a report in Excel, print it, check it and then type the data into the FSA website.

When checking the data you should refer to the latest version of the FSA rules. However, the attached notes may be useful – PSD reporting notes, SUP 16 Annex 21 R, the FSA’s help file for the PSD data entry screen.

Schemes with status ‘Live’ or ‘Pensioners’ are included. Archived members are ignored.

Scheme Start Date

There are 2 options for determining which SIPPs are included in the report:

1. all schemes where the scheme Start Date in the main Scheme screen falls within the period (quarter) selected (this is the recommended option, assuming that SIPPs are not set up without any payment).

2. all schemes where the date of the first bank transaction falls in that period

Joint SIPPs

For joint SIPPs i.e. more than 1 member (and where there is more than 1 member record in a SIPP) then the ‘date joined scheme’ from the Member screen is used (a new member could join an existing SIPP). Date joined scheme for all members must be present in SIPPs with more than 1 member record (otherwise the list won’t pick them up).

If the SIPP is a a ‘Regular’ contract (defined below), then Omni does not look at the transactions that have been received.

However, If the SIPP is not a ‘Regular’ contract, all transfers-in and contributions must be imported. In addition, contributions must be split between the members.

For option 1, if transfers are not imported or contributions not split then the members of the joint SIPP will be shown but the premium will not be correct.

For option 2, if transfers are not imported or contributions not split then the members of the joint SIPP will not be shown.

First Transaction Dates

You will be submitting the report in the month following each quarter and so, on the Next Menu, the dates default to cover the previous 3 complete calendar months. However the dates can be amended to cover any period.

If there is only member in a SIPP, then Omni finds the date of the first transaction (whether or not it has been allocated to the member). If there is more than one member in a SIPP, Omni finds the first transaction that has been allocated to that member.

If there is more than 1 bank account, then all bank accounts are searched for the first transaction.

The report checks whether the initial transaction dates are in the quarter period. It generates one row in Excel per member.

If a scheme has no members, then ‘No members found’ will be shown.

Advice, Single and Regular

The PSD panel on the Compliance tab of the Member screen, includes a box to store whether advice was given at ‘point of sale’.

It also allows you to store whether the contributions are Regular or Single and the annualised contribution (for FSA purposes only). Information only needs to be entered here if the SIPP is a Regular Contract i.e. has regular contributions – in that situation the report just shows this data. If the Regular/Single box is left blank or set to ‘Single’ then the report just assumes that the initial single ‘premium’ is the sum of all contributions and transfers received to the date of running the report.

Background Information

There are additional columns on the report that are not submitted to the FSA but they provide background information.

The member’s name is shown for internal identification. The ‘Start Date’ is the date entered on the main Scheme screen – not necessarily the first contribution date. The first transaction type gives ome indication of whether the scheme is funded by transfers on contributions but a scheme can be funded by a mixture of both. The next 2 columns are the sum of all contributions and transfers received to the date of running the report. The ‘Total Premium’ is based on these totals.

Scheme Status

The initial block in Excel shows all schemes with status of ‘Live’ or ‘Pensioners’.

There is a second block for schemes with any other status and a start date in the period. This just looks at the ‘Start Date’ stored on the main scheme screen. It does not look at bank transactions.

A third block shows any schemes with status of Live or Pensioners without a start date.

It is intended that, if there are any records in the second and third blocks, you clean the data and then re-run the report until there are no records in the second and third blocks (or only data that is expected e.g. schemes in progress).

FSA Reference Numbers

The FSA reference number of the adviser comes from the Address Book – the IFA that gave the advice has to be entered with a ‘group’ of Agent. If no advice was given then this column is left blank and the SIPP provider has to submit their own FSA number.

Amounts

Pennies are removed from the premium amount because the TRS site won’t allow decimal points.