Banking Competition Remedies Ltd publishes progress updates
The Board of Banking Competition Remedies Ltd (BCR) has published the second update from Pool A recipients and first update from Pool B and D recipients, which provides a summary of performance against their public commitments.
The public commitments updates indicate that mobilisation of the awardees is now moving into delivery. The updates of those awarded and the original commitments made can be found here.
Pool A second quarter update
• Metro Bank PLC public commitment progress update
• Starling Bank Limited public commitment progress update
• ClearBank Ltd public commitment progress update
Pool B first quarter update
• Nationwide Building Society public commitment progress update
• Investec Bank plc public commitment progress update
• The Co-operative Bank Plc public commitment progress update
Pool D first quarter update
• Codat Limited public commitment progress update
• Fluidity Limited public commitment progress update
• Form3 Ltd public commitment progress update
• Funding Options Limited public commitment progress update
• Swoop Finances Limited public commitment progress update
Performance against these will be updated quarterly and all the Pool awardees will submit their next progress reports in January 2020.
As part of BCR’s role in monitoring the way that organisations are using the funds, BCR holds awardees to account on their progress against business plans. Meetings have been held with Pool A bodies, and meetings will follow shortly with those in Pools B, and D.
Godfrey Cromwell, BCR’s chairman, commented:
“We now monitor the compliance of how funds are being used, by proactively engaging and influencing the organisations. BCR is reassured by the transparent approach of the awardees, not only around the successes they have had to date in creating competition in the SME marketplace, but also around any challenges that they have faced.”
The Capability and Innovation Fund is designed to promote capabilities and competition in the market for banking services to SMEs in the United Kingdom. Further details on the Capability and Innovation Fund can be found here.
