PSR's annual monitoring 2019: CASS's compliance with the Payment Account Regulations 2015
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*.
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; and
- ensures that the procedure for switching is completed within 12 working days
Further information on how we designate and monitor compliance of alternative switching schemes under the PARs can be found in our Policy statement.
*Following the consolidation of Bacs Payment Schemes Limited, Faster Payments Scheme Limited, and the Cheque & Credit Clearing Company, Pay.UK has now become the operator of CASS.