We have launched a new Nominated Service Provider agreement for the Project Bank Accounts (PBA) policy.
This new agreement appoints banks who meet new criteria as Nominated Service Providers, from whom contractors can be assured to receive a high level of support and expertise when setting up their PBAs. Contractors are advised to carry out their own research to select their PBA provider.
At launch, Barclays, NatWest and Lloyds have all met the criteria and have been appointed Nominated Service Providers. As part of this criteria, the nominated banks have set up clear entry points and designed process flow charts with the anticipated timescales for setting up a PBA. We will continue to work closely with these banks to improve the PBA process.
Full details of the new agreement and further guidelines on PBA policy can be found here.
If you have any queries, please e-mail: CommercialPolicy@gov.wales