Banking Competition Remedies (BCR), the independent body established to implement the £775 million Royal Bank of Scotland State Aid Alternative Remedies Package, has opened the second application window for the Incentivised Switching Scheme (ISS).

The purpose of the ISS is to provide £275 million worth of funding to small to medium-sized enterprise (SME) customers of the business previously described as Williams & Glyn, 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.

The second application window is open to entities who meet the published criteria but are not yet part of ISS. By including further diversity of participating entities, a wider range of competitive offers can be made available to customers, according to BCR.

The application criteria remain unchanged and the process will be similar to that run in November 2018. The application window opens today, closes on 14 June. Application results will be announced on 18 July and from mid-August offers will be published to customers.

In December, BCR announced the 11 organisations so far eligible to participate in the ISS: Arbuthnot Latham, Clydesdale Bank, The Co-operative Bank, Hampden & Co, Metro Bank, Santander UK, Starling Bank, Handelsbanken and TSB Bank.

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