Funds Transfer Regulation – ‘How to’ interpretative guidance

In 2015 the updated Funds Transfer Regulation (FTR) (also known as the Wire Transfer Regulation) was published. In 2017, the Council of the European Supervisory Authorities (ESAs) published their guidance for the FTR, with an implementation date of 16 July 2018. UK Finance engaged with its members on the issue of interpretation and compliance. It was clear that there were a number of areas where firms felt that there could be more clarity for the market.

There were also areas where firms were taking different approaches with regard to how to implement the FTR requirements. This led to a lack of harmonisation that increased the volume of stopped and rejected payments, and led to inconsistent treatments.