RDR Remuneration
Statement explained
With the RDR end-of-year deadline fast approaching, Origo Standards have been amended to meet
the requirements of Adviser and Consultancy Charging. Industry activity is already underway to
implement processes and systems to ensure business remains compliant in a post RDR environment.
The current Commission Transfer will be replaced by a message containing additional types of
remuneration, such as charges facilitated by a product provider through a contract.
The aim of this document is to provide recipients of Remuneration information (typically within
distributor and Adviser firms) an overview of the information they can expect from those product
providers and platforms who adopt the new RDR Remuneration Statement Standard.
OVERVIEW
The Remuneration Statement provides a breakdown of all individual remuneration payments to an
adviser within a period – be they facilitated adviser charge, consultancy charge or traditional
commission. This information is used by advisers to reconcile payments with expectations and
identify any mismatches as well as providing information which can be used for RMAR (Retail
Mediation Activities Return) reporting.
The message allows for different firm and agency structures and provides sufficient information to
match each individual payment. A variety of different charging and commission shapes are catered
for, including fund based, contribution based and charges spread over a period of time. Commission
debts and clawback can also be handled in this Origo Standard message.
RDR REQUIREMENTS
A number of data items were included in the Remuneration Statement to support the new RDR
remuneration requirements. Current data items for handling commission will remain, as these will
continue to be needed for legacy business and trail commission (within RDR rules), execution only,
basic advice, new members joining a Group Scheme where the Group Scheme was started before
the end of year 2012 and for Pure Protection policies.
STANDARD DELIVERED
The XML Remuneration Statement V1.0 standard was first published as Draft Final in August 2011
and finalised in February 2012. Remuneration paid across all product types (retirement, investment
and protection) is covered in the standard.
An RDR EDI Commission Transfer Guidelines document was also published in August 2011, which
provided guidance on how basic RDR Adviser and Consultancy Charge data may be incorporated into
the existing EDI Commission Transfer message.
MESSAGE CONTENT
The Remuneration Statement message contains much more information than in the current EDI
Commission message to assist advisers matching remuneration expectations. The following table
details the range of data and compares the content of the two messages.
Data introduced to support the new RDR Remuneration requirements is marked with a *.
The copyright in this document is the property of Origo Services Limited.
It may not be copied without specific prior written consent from Origo Services Limited.
© Origo Services Limited, 2012
Business Term
Statement Information
Statement Reference
Statement Date(s)
Description
Unique reference given to this statement by the
Product Provider
Date of the statement or (for Remuneration
Statement only) the start and end date for the
period covered by the statement
Corresponding payment reference where it applies
Date of any corresponding payment
Opening and closing balances for this account
Payment Reference
Payment Date
Opening / Closing
Balance
Product Provider Information
Product Provider
Name of the Product Provider sending the
Name
statement
Product Provider
Reference of the Product Provider sending the
Reference
statement
Adviser Information
Company Name
Name of the Network and/or Adviser firm
Company Reference
Reference number of the Network and/or Adviser
firm
Individual Adviser
Name of the individual adviser responsible for the
Name
Remuneration payment
Individual Adviser
Reference number of the individual Adviser
Reference
Agency Information
Agency Name
Name of the agency to which the Remuneration
applies
Agency Number
A reference for the agency to which the
Remuneration applies
Agency Description
A description of the agency to which the
Remuneration applies
Contract Information
Contract Reference
A reference given by the Product Provider to the
contract
Case Reference
An Adviser reference for this contract
Policy Number
The policy number of the contract
Product Information
Product Name
A name given to the product by the Product
Provider
Product Type / Sub
Categorisation of the product into type and sub
Type
type
Product Value
The value of the product
Original Product
Name and reference of the Product Provider who
Provider
originally sold the business
EDI
Commission
Transfer
Remuneration
Statement
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The copyright in this document is the property of Origo Services Limited.
It may not be copied without specific prior written consent from Origo Services Limited.
© Origo Services Limited, 2012
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Business Term
Description
Policy Holder Information
Policy Holder Name
Name of the person, trust, nominee or company
who is the policy holder
Date of Birth
The policy holders date of birth
National Insurance
The policy holders national insurance number
Number
Group Scheme Information
Company Name
The name of the company to whom the group
scheme relates
Scheme Name
The name of the group scheme
Scheme Number
A Product Provider reference number for the group
scheme
Payment Basis Information
Percentage Payment
Identifies the foundation on which the
Basis
Remuneration is calculated when provided as a
percentage. For example, Premium or Fund
Remuneration
Remuneration specified as a percentage of the
Percentage
premium or of the fund value
Fund/Asset Information
Asset Code
The code used to identify the asset or fund
Asset Name
The name of the asset or fund
Asset Type
The type of asset upon which the Remuneration is
based
Asset Value
The value of the asset upon which the
Remuneration is based
Remuneration Information
Remuneration Amount Monetary amount of the Remuneration
Remuneration
The date on which the remuneration transaction
transaction Date
applies
Product Provider
A Product Provider description for this
Remuneration
Remuneration
Description
Commission Basis
The rate (such as negotiated, standard or LAUTRO)
on which the commission was based
Commission Payment
Reason why this commission is being paid (or
Reason
clawed back)
Commission Type
The type of commission (e.g. initial, level renewal)
Commission
Indemnified Indicator
Commission Indemnity
Liability
Amount/Period
Commission
Instalment Number
EDI
Commission
Transfer
Remuneration
Statement
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The amount for which the adviser would be liable,
and the period remaining for the liability
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(Comm. only)
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(Comm. only)
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(Comm. only)
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(Comm. only)
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(Comm. only)
The number of this payment e.g. 3 (of 36
instalments)
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(Comm. only)
Shows if the commission is indemnified or not
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The copyright in this document is the property of Origo Services Limited.
It may not be copied without specific prior written consent from Origo Services Limited.
© Origo Services Limited, 2012
Business Term
Description
Split Indicator /
Percentage
Shows if the Remuneration is split between more
than one adviser and if so (for the Remuneration
Statement only), the percentage of this payment
Contribution Information
Contribution Charge
Basis
Contribution Amount
Contribution Type
Used to show if the contribution is net or gross of
the Charge
The amount of the contribution or premium
An indication of the style of contribution being
made into a Pension Contract. For example, Gross
Contribution or Total Transfer Value
Contribution
The frequency at which the contribution is paid, for
Frequency
example, Monthly, Annually
Adviser / Consultancy Charge Information
Charge Minimum
The minimum monetary amount that can be taken
Amount
from a contract, specified at a defined time period.
Note: If the ongoing service proposition was for an
Adviser charge of 2% of fund with a minimum of
£200/month this figure would be quoted as £200
Charge Maximum
The maximum monetary amount that can be taken
Amount
from a contract, specified at a defined time period.
Note: If the ongoing service proposition was for 2%
of fund with a maximum (ceiling) of £300/ month,
this figure would be quoted as £300
Charge Reason
The reason why a charge is being paid. One of
Initial, Ongoing, Adhoc
Basis of Sale Information
RDR Advised Basis Of
A classification of the different levels of advice
Sale Category
provided by the Adviser. One of Independent,
Restricted, Simplified, Basic
RDR Non Advised Basis Specifies that adviser charges are applicable for
Of Sale Category
this contract but where no adviser charge is being
paid for this particular contribution. One of
Execution Only, No Advice, Direct Offer, Not Known
Totals Information
Remuneration Totals
Note:
The Remuneration Statement provides a variety of
totals for Adviser Charge, Consultancy Charge and
Commission such as Agency, Adviser Firm as well
as the complete statement.
EDI Commission Transfer provides only the total
commission for the complete statement.
EDI
Commission
Transfer
Remuneration
Statement
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(See note)
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(See note)
The copyright in this document is the property of Origo Services Limited.
It may not be copied without specific prior written consent from Origo Services Limited.
© Origo Services Limited, 2012
MESSAGE DOCUMENTATION
The Remuneration Statement Standard can be accessed by registered users via the following link to
the Origo Standards website:
https://www.origostandards.com/StandardsISEF/Standard.asp?StandardId=134&StandardTypeId=4
&TargetStdId=79&TargetStdType=4
INDUSTRY REPRESENTATION
The following organisations are members of the Origo RDR Steering Group and/or the XML
Remuneration Development and Implementation Groups.
Aegon, Assureweb, Avelo, Aviva, Axa Wealth, Capita, Easylink, Figure Out, Focus Solutions, Friends
Life, JCS, Just Retirement, Legal & General, Met Life, Plum Software, Prudential, SSP Swift, Scottish
Life, Scottish Widows, Sesame/Bankhall, Skandia, Standard Life, Time4Advice, Towry, Zurich.
FUTURE RDR-RELATED PUBLICATIONS
XML Remuneration Statement V1.1 will be published during Q2 2012 and incorporates minor
changes resulting from the Origo RDR Phase 2 activity.
There are no plans to make any amendments to the RDR EDI Commission Transfer Guidelines.
HOW TO BENEFIT FROM THE REMUNERATION STATEMENT
A number of product providers and platforms within the industry are already in the process of going
live with the new Remuneration Statement message. Some of these providers and platforms will no
longer send the EDI Commission Transfer and may only send the Remuneration Statement after they
go live.
Adviser organisations wishing to find out more about how to receive the new Remuneration
Statement should contact their Back Office Software suppliers in the first instance, or the providers
and platforms directly.
The copyright in this document is the property of Origo Services Limited.
It may not be copied without specific prior written consent from Origo Services Limited.
© Origo Services Limited, 2012