Pay.UK’s Current Account Switch Service designated as an alternative switching scheme
Pay.UK is pleased to confirm the Payment Systems Regulator (PSR) is satisfied that the Current Account Switch Service (CASS) continues to meet the criteria for designation as an alternative switching scheme.
Each year the PSR considers whether the Current Account Switch Service meets the criteria for switching schemes as set out under the Payment Accounts Regulations 2015 (PARs). These ensure that the Current Account Switch Service operates in the interests of the consumer; does not impose 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.
The regulator’s decision follows their review of the information and evidence submitted by Pay.UK for the annual assessment.
“I am delighted with the PSR’s designation decision. Since 2013 the Current Account Switch Service has helped in excess of 7 million people and small businesses switch their current accounts.” Said Dougie Belmore, Chief Payments Officer, “we will continue to ensure that we deliver a switching service that meets the needs of all customers wishing to switch their current accounts.”