BCR publishes progress updates on Public Commitments from Pool E CIF recipients
The Board of Banking Competition Remedies Ltd (BCR) today publishes the first update from Pool E recipients, providing a summary of performance against their public commitments to the period 30 November 2020.
Onfido has undertaken a strategic review of its business, and as part of this process, decided to return its £5m award to BCR. The £5m returned will be allocated to the Capability and Innovation Fund and held in trust until later deployment, the terms and timing of which will be in line with BCR’s core design and will be announced in late February.
Pool E first quarterly updates:
- Virgin Money UK PLC
- ClearBank Ltd
- Ebury Partners Limited
- MarketFinance Limited
- Funding Xchange Ltd
- Codat Limited
- ezbob Ltd
- Fractal Labs Ltd
- Previse Ltd
The updates of Pool E awardees and the original commitments made can be found here.
Aidene Walsh, CIF lead director said: “Since being awarded the CIF funds last year, the Pool E awardees are mobilising well and a number have already delivered valuable SME functionality. We have a proven process built into the Alternative Remedies Package to successfully manage the return of funds and we will now look to redeploy £5m to potential applicants who can deliver choice and effective solutions to SMEs.”