After a six-month extension, Banking Competition Remedies (BCR) closed the Incentivised Switching Scheme (ISS) at the end of June 2021 and published its results with Starling Bank as the big winner. As a reminder, the ISS was launched in February 2019 to offer GBP 275 million worth of payouts for 120,000 business customers of the RBS subsidiary Williams & Glyn to switch to one of a dozen other business banks, including Starling Bank, Metro Bank and Santander.
Although the impact of Covid slowed the project, GBP 251.54 million has now been distributed and 69,135 customers have switched. Starling Bank has been the biggest beneficiary of the scheme, earning a GBP 9.2 million award for being the most switched-to bank.
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