FAQs - Cancellations and Corrections

It allows you to tell us if you have reported a transaction that for some reason now needs to be cancelled. There could be a number of reasons for this – for example:

• mortgage funds may have been returned by the solicitor because the mortgage didn’t complete as planned;
• a policy may have been reported as having been issued (or put in force), but this didn't actually happen; or
• transactions may have been mis-reported, so either need to be cancelled from the return or corrected.

Please note that PSD relates to business that has 'issued' – this is where the mortage has completed or the policy/contract has been put on risk/issued. So firms should include only these transactions in their quarterly return.

If for some reason a firm puts the policy on risk as soon as it receives the proposal form, then this is the date that should be reported. If this results in a firm having reported sales that do then not materialise, the system will allow you to cancel the relevant transactions.

IMPORTANT: You are not required to report the cancellation of a policy which occurs during its normal life cycle – i.e. where the policy has been issued and the customer decides to cancel it at some future point.

If you have reported a transaction to us and then realise you need to cancel it, you should submit a new transaction to us containing exactly the same details as the transaction you wish to cancel. But you should mark the cancelled field as 'True'

In this instance, you will need to follow the cancellation process described in the answer to question 2 above. The system will ensure that the data is filed in the correct quarter when we receive it. Wherever possible, you should aim to ensure that any correction and any replacement transactions are reported within the quarter they belong in, but we recognise that this will not always be possible.

The system will only allow you to use the same transaction reference number within a report to notify us of a cancellation, not to notify us of a replacement. So when you notify us of a cancelled transaction, you can use the same transaction number in the same report as the transaction you are cancelling (all the transaction fields must be identical apart from the cancelled flag being set to 'TRUE' in the cancellation).

If you want to use the same transaction reference for a replacement, you must submit the new replacement transaction in a different report. If you use a new transaction reference for the replacement, you can submit the replacement in the same report as the cancellation. (To help you track your transactions, the new transaction reference for the replacement could be a variation of the original number e.g. original reference is XY12052005A; replacement reference isXY12052005B). The replacement should ideally be submitted within the same reporting quarter, but we recognise that this may not always be possible.

Where a transaction has failed validation (i.e. it has been rejected), then you will need to make the correction in a new report, so using the transaction number again is not an issue. If you wish to correct a transaction because you have identified that some of the information has been mis-reported, then you will need to follow the process already explained for cancelling transactions.

It allows you to tell us if you have submitted a file that for some reason now needs to be cancelled. Please note that you are not required to report the cancellation of a policy that occurs during its normal life cycle – i.e. where the policy has been issued and the customer decides to cancel it at a future date.

You will be able to click on a button to cancel an entire submitted file without the need to submit the corresponding transactions with the 'cancel indicator' set to 'true' (this facility will still be available if you wish to continue to use it irrespective of whether you have clicked on the quarter complete notification button or not).

If you have reported a file to us and then realise you need to cancel it, you will need to go to the 'View Submitted Reports' screen. To cancel a file, there will be a 'Cancel' link to the right of the files details which you will need to click on. If this link is not displayed, the file cannot be cancelled.

This process allows firms to either correct details within a transaction that has been rejected (and so never received by us) or to notify us if they identify that the details within a transaction they have reported to us are incorrect.

If you have reported a transaction to us and the system has rejected it the system will treat it as not having been received. You then have two options. You can either resubmit a corrected transaction via the XML route or manually key in the correct transaction using the TRS system.

You may need to correct a transaction that has been submitted and accepted by us because you realise that it was reported incorrectly. To do this, you can either cancel it using the process detailed above, then submit the correct transaction either by the XML route or by manual keying. You can only correct using manual keying if it was keyed in the first place.

If we reject a transaction, you should try to send us a correct transaction during the same reporting period. You should aim to report to us early enough during the 20-day reporting period so that you can send us the corrected transaction within the same reporting period. We recognise that on occasions this will not always be possible, but you should try to achieve it.

If you realise that a transactions has been mis-reported (i.e. it did not fail validation but you have identified some inaccuracies), but you only realise this during the next reporting period you have two options.

• you could put a cancelled transaction through the XML route to remove the offending transaction and then submit a new correct transaction via the XML route; or
• you could cancel the transaction using the XML route and then access the system via the TRS system and manually key a new transaction.

The system will allow for you reporting a transaction for a previous quarter and move your data to the correct location when we receive it.

It allows you to tell us if you have reported a transaction that for some reason now needs to be cancelled. Please note that you are not required to report the cancellation of a policy that occurs during its normal life cycle – i.e. where the policy has been issued and the customer decides to cancel it at a future date.

If you have keyed in a transaction and then realise that it needs correcting, you can access the original transaction on the TRS system and cancel it using an icon on the page which displays it (this will be covered in the training we will issue before registration and certification).

This process allows firms to either correct details within a transaction which has been rejected, or to notify us if they identify that the details in a transaction they have reported to us are incorrect.

If you try to key in a transaction which does not meet the field level validation rules the system will prompt you to correct the transaction before you move on. If you have keyed in a transaction which is accepted by the field validation but which you later realise was reported incorrectly, you will be able to access the individual transaction and correct it on the web pages.

This situation should only arise if you have submitted data that you subsequently realise was incorrect (i.e. it did not fail the field validation when keyed in but you have identified that it is incorrect data). In this instance, you will be able to access the individual transaction/s on the web pages, correct it/them and resubmit as prompted by the system.

Because you are accessing the individual transaction on the web pages, this is not an issue.