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.
We only received one application for designation under the PARs. This was from Bacs Payments Scheme Ltd, the operator of the Current Account Switch Service (CASS).
We have published a non-confidential version of the application. We also received some additional documents in support of the application, although we have not published these for confidentiality reasons.
We are currently considering the application and we will issue our decision ahead of the PARs provisions in respect of designated alternative switching schemes coming into force on 18 September 2016.