PSR has published its finalised policy statement and guidance relating to the application of the Payment Accounts Regulations 2015 (PARs) on alternative arrangements for switching accounts. The provisions of the PARs which relate to PSR’s role come into force on 18 September and so this guidance covers:

  • PSR’s 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 switching scheme;
  • PSR’s approach to collecting fees under the PARs;
  • PSR’s approach to monitoring compliance with PARs requirements after designating an alternative switching scheme;
  • PSR’s powers and procedures under the PARs; and
  • PSR’s approach to applying penalties for PARs non-compliance.

PSR reminds operators of alternative switching schemes that wish to be designated under the PARs by 18 September 2016 to submit their application by 10 June. (Source: PSR finalises guidance for switching accounts under PARs)