We are satisfied that the Current Account Switch Service (CASS) continues to meet the criteria for designation as an alternative switching scheme. This follows a review of information and evidence submitted by Pay.UK, the operator of CASS, for the purpose of an annual assessment.

HM Treasury appointed the PSR as the authority to designate alternative switching schemes, and to ensure such schemes continue to meet the criteria set out under the Payment Accounts Regulations 2015 (PARs).

These criteria are, that the switching scheme should:

  • be clearly in the interests of the consumer;
  • not impose upon the consumer any burden additional to those imposed by paragraphs 2 to 6 of Schedule 3 of the PARs; and
  • ensure that the procedure for switching is completed within 12 working days.

In September 2016 we first designated the Current Account Switch Service (CASS) as an alternative switching scheme under the PARs. We renewed its designation in September 2017, September 2018, September 2019, September 2020, September 2021 and September 2022.

Further information on how we designate and monitor compliance of alternative switching schemes under the PARs can be found in our Policy statement.