The Payment Systems Regulator (PSR) has concluded that the Current Account Switch Service (CASS) continues to meet the criteria for designation as an alternative switching scheme under the Payment Accounts Regulations 2015 (PARs), following its annual assessment. The review considered information and evidence submitted by Pay.UK, the operator of CASS. The designation criteria require the scheme to be clearly in the interests of the consumer, not impose any additional burdens beyond those set out in paragraphs 2 to 6 of Schedule 3 to the PARs, and ensure the switching procedure is completed within 12 working days. HM Treasury appointed the PSR as the authority responsible for designating alternative switching schemes and monitoring ongoing compliance, and CASS was first designated in September 2016 with renewals recorded annually from September 2017 through September 2023.
Payment Systems Regulator 2025-11-25
Payment Systems Regulator confirms Current Account Switch Service still meets criteria for alternative switching scheme designation
The Payment Systems Regulator (PSR) has reaffirmed that the Current Account Switch Service (CASS) meets the criteria for designation as an alternative switching scheme under the Payment Accounts Regulations 2015, following its annual assessment. The review, based on submissions from Pay.UK, confirmed CASS's compliance with consumer interest, procedural efficiency, and regulatory requirements. CASS has been designated annually since its initial designation in September 2016.