The board of Banking Competition Remedies (BCR) has announced that the Incentivised Switching Scheme is now accessible to target customers.
This follows BCR’s announcement in December of the 11 organisations so far eligible to participate – including: Arbuthnot Latham, Clydesdale Bank, The Co-operative Bank, Hampden & Co, Metro Bank, Santander UK, Starling Bank, Handelsbanken and TSB Bank.
Offers from nine of these go live today on the dedicated Business Banking Switch websites, with others to follow.
A second application window for the Incentivised Switching Scheme will also take place in the first half of June, with offers to customers planned for August this year.
Godfrey Cromwell, BCR’s chairman, said: “SME decision-maker customers will be able to access a diverse range of offers from a broad selection of organisations.”
BCR is the independent body established to implement the £775 million Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package.
The purpose of the Incentivised Switching Scheme is to provide funding of up to a maximum total of £275 million to SME customers of RBS’ Williams & Glyn business, to switch their business current accounts and loans to ‘challenger’ institutions.
A further maximum sum of £75 million has been set aside within RBS to cover certain customers’ switching costs.
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