PSR’s annual monitoring: CASS’s compliance with the Payment Account Regulations 2015

PSR’s annual monitoring: CASS’s compliance with the Payment Account Regulations 2015

14/09/2017

The Treasury appointed the PSR as the UK’s competent authority to designate alternative switching schemes, and to ensure such schemes continue to meet the criteria set out under the Payment Account Regulations 2015 (PARs).

That is, that the switching scheme:

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

In September 2016 we designated the Current Account Switch Service (CASS) (operated by Bacs) as an alternative switching scheme under the PARs.

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