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On May 17, 2016, the UK PSR published a Policy Statement and
final Guidance on the application of the Payment Accounts
Regulations 2015 in respect of alternative arrangements for
switching accounts. The final guidance sets out the approach under
the PSR to designating alternative switching schemes and is
relevant to operators of alternative switching schemes, payment
service providers, consumers and regulators. The Payment Accounts
Directive outlines the common regulatory standards across EU Member
States to improve transparency and comparability of current account
fees; facilitate current account switching; and ensure access to
bank accounts with basic features. The PAR transposed the Directive
into UK law and requires payment services providers to offer a
switching service for payment accounts. Under the PAR the PSR has
been nominated as the regulator for designating alternative
switching schemes and monitoring and enforcing schemes.
The designation criteria have been amended in response to
numerous comments. The PSR has altered the information requirements
for applications, reporting on complaints and compensation to
customers. The PSR has also made changes where applications cannot
be processed in time for the September 18, 2016 deadline; where
these circumstances arise, the PSR will now inform the relevant
operators as soon as practicable that a decision will not be made
by September 18, 2016.
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