Banking Competition Remedies Ltd (BCR) publishes quarterly progress updates on Public Commitments
The Board of Banking Competition Remedies Ltd (BCR) today publishes the sixth update from Pool A recipients, fifth update from Pool B and D recipients and fourth update from Pool C recipients, providing a summary of performance against their public commitments to the period 30 September 2020.
The updates of those awarded, their original commitments made and key achievements to date can be found here. Pool A, B, C and D awardees will submit their next progress reports in January 2021. Pool E awardees will provide their first reporting update in December 2020.
In this reporting period, two awardees submitted business cases that resulted in changes to their public commitments. These changes result from either acceleration or reprioritisation of offerings in response to changing SME needs in the current environment.
Pool A sixth quarter update
- Metro Bank plc public commitment progress update
- Starling Bank Limited public commitment progress update
- ClearBank Ltd public commitment progress update
Pool B fifth quarter update
- Investec Bank plc public commitment progress update
- The Co-operative Bank plc public commitment progress update
Pool C fourth quarter update
- Atom Bank Plc public commitment progress update including changes
- The Currency Cloud Group Ltd public commitment progress update
- iwoca Ltd public commitment progress update including changes
- Modulr Finance Limited public commitment progress update
Pool D fifth quarter update
- Codat Limited public commitment progress update
- Fluidly Limited public commitment progress update
- Form3 Ltd public commitment progress update
- Funding Options Limited public commitment progress update
- Swoop Finance Limited public commitment progress update
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 which includes meeting all the recipients. For more details on how BCR monitors CIF awardees see here.
Aidene Walsh, CIF lead director said: “Awardees have continued to deliver on their commitments in the face of continued challenges in the external economic environment. In the last quarter in particular, we’ve started to see visible impact on meeting BCR’s overall aims to improve competition in business banking with several awardees seeing substantial increases in their market share and uptake of their offerings as they continue to support UK SMEs”.