Financial Activity Reporting

Financial Activity Reporting (FAR) is available to firms that are members of DTCC’s National Securities Clearing Corporation (NSCC). Click here for information on how to become a member of NSCC.

With FAR, clients can:

• Improve compliance oversight by using data to monitor investment activity related to investment suitability, market timing, late-day trading, churning, money laundering and agents submitting business directly to the carrier without sending through their distributor or back office for a suitability check.
• Provide comprehensive account statements to agents and their clients.
• Track and confirm new business and post-issue transaction requests.
• Monitor investment performance.
• Create an audit trail of customer investment activity and maintain contract history.
• Secure confidential data through DTCC’s Securely Managed and Reliable Technology (SMART) network, which provides centralized, end-to-end managed communications for all post-trade clearance and settlement processing.

Using a mainframe or Internet connection, insurance carriers can use FAR to transmit pertinent financial activity information about an annuity or life insurance contract to distributors. For clients not yet ready to implement the full-data feed of financial activity information, NSCC offers a FAR Import service through DTCC’s WebDirect portal. The FAR Import compiles FAR data into a readable format that can be imported to Microsoft Excel. This option requires no programming and can be made available to distributors in a matter of days.

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