The Payments Systems Regulator (PSR) has published a decision designating the Current Account Switch Service operated by Bacs Payment Schemes Limited as an alternative arrangement under the Payment Accounts Regulations (PARs) 2015. The PSR has the power to issue a designation certificate declaring a switching service to be an alternative arrangement under Regulation 15 and paragraph 3(1) of Schedule 4 of the PARs. The PSR also explains that it must offer a switching service allowing consumers to switch between any payment accounts. To be designated as an alternative switching scheme, the scheme must meet certain criteria set out in the PARs, including that it must clearly be in the interest of consumers.
View PSR issues designation decision on alternative switching services under PARs 2015, 14 September 2016