Incentivised Switching Scheme


The purpose of the Incentivised Switching Scheme is to provide funding of up to a maximum total of £275 million to Eligible Bodies to use as incentives to encourage SME banking customers (with an annual turnover of £25 million or less) of the business previously described as Williams & Glyn (the “Relevant Customers”) to switch their business current accounts and loans to the Eligible Bodies; £225 million of the fund is available in “dowries” with respect to any Relevant Customers that agree to transfer their business current account and £50 million will be available for loan related dowries for those Relevant Customers who move a loan product in addition to their business current account. Up to an additional £75 million will be made available by RBS to cover customers’ costs of switching (e.g. through waiving or reimbursing break fees and/or other third party costs incurred by customers, such as legal fees). The initial duration of the Incentivised Switching Scheme will be 18 months or, if earlier, until such time as £225 million has been distributed to eligible bodies as dowries in relation to business current accounts.

The amount of dowry that an Eligible Body is entitled to receive in respect of each Relevant Customer that switches will be determined based on the Relevant Customer’s turnover and, if applicable, the outstanding balance on the loan product being transferred. Dowries will be distributed quarterly. Eligible Bodies will be required to use the dowries for the benefit of transferring Relevant Customers.

The applicable dowries in respect of business current account transfers are set out in the table below:

Turnover of Relevant Customer (£) BCA* Element (£)
Less than 15,000 750
15,000 to 100,000 1,000
100,001 to 500,000 3,000
500,001 to 1,000,000 3,000
1,000,001 to 1,500,000 6,250
1,500,001 to 2,000,000 13,125
2,000,001 to 2,500,000 16,875
2,500,001 to 5,000,000 25,000
5,000,001 to 7,500,000 25,000
More than 7,500,000 50,000

* Business Current Account

The applicable dowries in respect of relevant loan product transfers will be calculated as follows: outstanding loan balance transferred x 0.025.

Further details are set out in the Dowry Calculation Schedule set out here.

Second Application Window

Applicant Company Journey (Second Application Window)

The graphic below sets out the detailed timeline for the Incentivised Switching Scheme second application window from January 2019 through to September 2019.

Applicant Companies for the second application window should follow the step-by-step guidance (steps 1-9) when submitting their application. 

Please note that the application pack should be downloaded from the BCR website and completed applications submitted via the ISS data room (details below).

1. Review Incentivised Switching Scheme supporting documentation (here).

2. Check your eligibility (here).

3. Ensure you are up to date with BCR press releases  (here).

4. View the information event video to learn more about the scheme (here).

5. Get access to the ISS data room on 1st April 2019 (here).

6. Get to know the ISS data room and how to submit an application (here).

7. Complete the application pack (here).

8. Raise any queries about the Incentivised Switching Scheme application process and your application (info here).

9. Submit the completed application pack (via the ISS data room).

10. Receive public notification of the outcome of your application.

11. If successful, attend BCR’s signing event to physically sign the Agreement (info here).

12. Prepare for launch and participate in operational readiness checkpoint (info here).

13. Submit first report.

First Application Window

Eligible Bodies can access Reporting templates and guidance here.

Companies who were successful in the first application window can access relevant guidance on submitting a Revised Switching Proposal here.

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