Under the rules, are CIS operators required to provide PSD for nominee deals?
We are aware that, in most instances, the underlying customer data is held by the nominee firm and not by the CIS operator. So, although we intend revisiting 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 CIS Operator arranges deals through an in-house ISA manager (that is part of the same group of companies) it should – where possible – include all individual personal holdings on the register in the PSD return. We will re-consult on extending the scope of PSD reporting to external ISA managers, non-operator ISA managers, other platforms, fund supermarkets and aggregators at a later date. We will be issuing a revision to the rules in a future Handbook Notice Update.
