BCR extends the deadline for The Incentivised Switching Scheme

Thursday 25 June 2020 13:54 CET | News

Banking Competition Remedies (BCR) has extended the deadline on its EUR 249 million scheme to switch business current accounts away from RBS subsidiary Williams & Glyn. 

The Incentivised Switching Scheme (ISS) was launched in February 2019 to offer payouts for 12.000 business customers of Williams & Glyn to switch to another business bank, like Starling Bank, Metro Bank and Santander. The BCR extended the 25 August 2020 deadline on the project to February 2021 in order to reach its target, of which only 34.537 SMEs have switched so far with a further 6.351 in-progress.

However, due to the terms under which the BCR was established, the group says no further extension to the switching scheme can be granted. 

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Keywords: BCR, SME, Banking Competition Remedies, RBS, Williams & Glyn, Incentivised Switching Scheme, ISS, banks, Starling Bank, Metro Bank, Santander
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech