The Payments System Regulator (PSR) has announced that they are satisfied that the Current Account Switch Service (CASS), operated by Pay.UK, 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.
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 Accounts 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
- ensures that the procedure for switching is completed within 12 working days
The PSR first designated the Current Account Switch Service (CASS) as an alternative switching scheme under the PARs in September 2016 and has renewed this designation every year since then.