IDD Report for Cost & Charges

According to the Insurance Distribution Directive an insurance company has to receive data for costs and charges for each account that exists with a distributor. The definition of cost and charges are the total costs charged to an investment position by the producer of the product and also the total fees charged by the distributor.

The MiFID II - Customer Protection manages the data calculations for each account and this application produces the IDD report that can be sent to the insurance company.

Supported formats

The following report formats are supported:

<?xml version="1.0" encoding="utf-8"?>
<statements xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
  <statement>
    <AccountNumber>1111</AccountNumber>
    <Curreny>SEK</Curreny>
    <Period>
      <Startdate>2019-01-01</Startdate>
      <Enddate>2019-12-31</Enddate>
    </Period>
    <ChargesSummary>
      <InvestmentServices>-100.00</InvestmentServices>
      <ThirdPartyPayments>50.36</ThirdPartyPayments>
      <InvestmentProductCost>-200.00</InvestmentProductCost>
    </ChargesSummary>
  </statement>
</statements>

The definition of each fields is as follows:

AccountNumber	The number of the account in BFS
Currency	The base currency code of the account in BFS
Period	The start and end date of the report contents
ChargesSummary
InvestmentServices	The total amount of the fees charged by the distributor
ThirdPartyPayments	The total amount of the kickbacks paid to the distributor from the producer less any kickbacks paid back to the customer by the distributor.
InvestmentProductCost	This is the ongoing costs and one time costs charged by the producer of the product less the kickbacks received by the distributor which is included in ThirdPartyPayments above.

By adding together the values for InvestmentServices, ThirdPartyPayments and InvestmentProductCosts the total amount charged to the account will be obtained.

This application can be ordered from our marketplace.