The Payment Systems Regulator has confirmed that the Current Account Switch Service continues to meet the criteria for designation as an alternative switching scheme under the Payment Accounts Regulations 2015. The conclusion follows its annual assessment of information and evidence submitted by Pay.UK, which operates the service. The scheme must operate in consumers’ interests, impose no additional burden beyond the regulations’ requirements and complete account switches within 12 working days.
2026-09-03Payment Systems Regulator
UK Payment Systems Regulator confirms Current Account Switch Service continues to qualify as an alternative switching scheme
The Payment Systems Regulator has confirmed that the Current Account Switch Service continues to qualify as an alternative switching scheme. The service must benefit consumers, impose no additional regulatory burden and complete switches within 12 working days.