The PSR is the UK’s competent authority, appointed by HM Treasury, to designate alternative switching schemes under the Payment Account Regulations 2015 (PARs).
Switching schemes allow consumers to move their payment accounts from one payment service provider to another.
To be designated as an alternative switching scheme, a scheme must meet certain criteria set out in the PARs, including that it must be clearly in the interest of consumers.
In May 2016 we published a policy statement that set out how we assess and monitor alternative switching schemes.
As we noted in June 2016, only one operator, Bacs Payment Schemes Ltd (BPSL), submitted an application, on behalf of the Current Account Switch Service (CASS).
We have assessed this application and are satisfied that CASS meets the relevant criteria so we have decided to issue a designation certificate declaring CASS to be an alternative arrangement operated by BPSL.
Application for designation under the Payment Accounts Regulations (PARS)
The deadline for operators of alternative switching schemes wishing to be designated under the Payment Accounts Regulations 2016 (PARs) before 18 September 2016 was 10 June 2016.
PS 16/2: The application of the Payment Accounts Regulations in the UK
The PSR has been appointed by the Treasury as the competent authority to designate alternative switching schemes and monitor their ongoing compliance under Reg.15 of the Payment Accoun…