The board of Banking Competition Remedies will hold a second application window to take place in June 2019, following the first application window for the Incentivised Switching Scheme in November 2018.

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

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For those already in ISS, there will simultaneously be an opportunity to refresh their offers if they wish to do so.

The key dates for the second application window are:

  • Applicant company queries –Wed 15 May to Mon 27 May; final answers posted by 31 May
  • Application window – 3 June to 14 June
  • Announcement of successful applicants –on or about 18 July
  • Publication of offers to customers –mid-August

The application criteria remain unchanged and the BCR assure that the process will be similar to that run in November 2018.

Godfrey Cromwell, BCR chairman, said: “This will expand the opportunity for organisations to be included in ISS, and is therefore in line with BCR’s ambition to improve competition in the business banking market.”

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In December the Board of Banking Competition Remedies (BCR) revealed the 11 organisations that initially met the eligibility criteria for the Incentivised Switching Scheme.

The purpose of the Incentivised Switching Scheme is to provide funding of up to a maximum total of £275m to SME customers of the business previously described as Williams & Glyn, to switch their business current accounts and loans to challenger institutions. This is as part of an overall package to encourage competition with RBS in the SME lending sphere.

Separate from the Incentivised Switching Scheme is the Capability & Innovation Funds Pools A, B and C, with results from those applications to be announced over the course of 2019. Challenger banks for these funds include Metro Bank, CYBG, Starling, TSB, and Santander.