The Payment Systems Regulator (PSR) has published Consultation Paper 16/1: The Application of the Payment Accounts Regulations 2015 in respect of alternative arrangements for switching accounts (CP16/1).
In CP16/1 the PSR is asking for views on its proposed approach to implementing the Payment Accounts Regulations 2015 (PARs) and monitoring compliance with the requirements for alternative switching schemes, as set out in accompanying draft guidance. It is also seeking views on proposals concerning regulatory fees relating to the PARs.
The draft guidance the PSR is publishing with this consultation paper explains the proposed approach to designating alternative switching schemes, and the proposed monitoring process and use of enforcement powers which include:
- the PSR approach to evaluating an application for designation as an alternative switching scheme;
- the application process for a switching scheme to be designated as an alternative; and
- the PSR approach to monitoring compliance with the requirements designating an alternative switching scheme under the PARs.
The deadline for comments on the draft PSR guidance is 12 April 2016.