UK Finance has published a “how to” interpretative guide to the Funds Transfer Regulation. The FTR was one of the pieces of legislation onshored after Brexit, and UK Finance had previously produced guidance on it after its original introduction in 2018, and has since updated it twice previously. The most recent update includes guidance on issues members raised during the onshoring process. The guidance is detailed and provides a steer on matters such as:
- application and scope – in terms of providers and services
- definitions
- content of information to be provided by relevant PSPs
- linked transactions
- what “meaningless” information might be intended to catch
- the process for asking for missing information
- the practicalities of suspending payments
- notifications relating to non-compliant providers and how to assess the need to notify
- situations when information is not likely to available or recorded