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CMA: Retail Banking Market Investigation: Notice of Possible Remedies

The Competition Markets Authority has been investigating the retail banking market and levels of competition and switching by customers. As part of their provisional findings and potential remedies, they have suggested some changes to the Current Account Switching Service (CASS). One of the suggested changes to CASS is to include Continuous Payment Authorities (CPAs) within its scope.

At the outset of setting up CASS, UK Cards and our members were involved in discussions about whether to include CPAs in the service. It was decided that, as CPAs are processed by the competing card schemes MasterCard and Visa, and not through a centralised system like Bacs, it would be too difficult to provide the switch service for CPAs.

We do not think there is evidence of a consumer requirement for CPAs to be included in CASS, or that it would generate any additional switches. Indeed the FCA’s own review of CASS found that it was not something that arose as a major issue in their consumer research and not something that directly impaired the effectiveness of CASS.

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