PART 3Switching
Provision of the switching service14
1
A payment service provider must offer a switching service between payment accounts that are—
a
denominated in the same currency; and
b
opened or held with a payment service provider located in the United Kingdom.
2
A switching service must meet the requirements set out in Schedule 3, except where regulation 15 applies.
Alternative arrangements15
1
This regulation applies where a payment service provider is a party to and compliant with the requirements of a switching service which the Payment Systems Regulator has designated as an alternative arrangement.
2
In order to be designated as an alternative arrangement, the Payment Systems Regulator must be satisfied that the switching service —
a
is clearly in the interest of the consumer;
b
does not impose upon the consumer any burden additional to those imposed by paragraphs 2 to 6 of Schedule 3;
c
ensures that the procedure for switching is completed at least within the same overall time-frame that applies in the case of a switching service that meets the requirements of paragraphs 2 to 6 of Schedule 3.
Designation of alternative arrangements etc.16
1
Schedule 4 makes provision in connection with—
a
the designation of alternative arrangements; and
b
the powers of the Payment Systems Regulator over operators of switching services designated as alternative arrangements.
2
Schedule 5 makes provision in connection with—
a
fees connected with an alternative arrangement;
b
compensation for financial losses incurred by consumers switching accounts under an alternative arrangement; and
c
information relating to an alternative arrangement that a payment service provider must make available to consumers.
Facilitation of cross-border account opening for consumersF117
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