Check your eligibility for the Incentivised Switching Scheme
Eligibility for the Incentivised Switching Scheme is defined in the Incentivised Switching Terms and Conditions (here). In particular please note:
- In order to be eligible to participate in Incentivised Switching, the Applicant Company must be a deposit-taking entity with Business Current Account capabilities:
- which is authorised by the PRA to take deposits;
- which has (or has publicly stated its intention to launch) a Business Current Account offering;
- which is domiciled in the United Kingdom, the European Union, the European Economic Area or Switzerland;
- which has gross assets in the United Kingdom of less than £350 billion shown in its latest published consolidated accounts (or interim balance sheet);
- whose income in the United Kingdom relates primarily to the provision of deposit-taking, lending or payment services to individuals and businesses in the United Kingdom;
- which has expressed an intention to expand its business offering to SMEs in the United Kingdom through the development of new products, expansion into new geographical markets or new business segments and/or investing in its customer service levels; and
- which participates in CASS.
- Eligibility to participate in Incentivised Switching will be determined at the absolute discretion of BCR and any determination of BCR as to eligibility of an Applicant Company to participate in Incentivised Switching and/or receive any distribution of funds in connection with Incentivised Switching shall be conclusive.
- In determining whether the Applicant Company should be eligible to participate in Incentivised Switching, BCR shall:
- have regard to the amount of the Dowry that will be passed directly to a Transferring Target Customer and the amount of the Dowry that will be retained by the Applicant Company and applied for other purposes which benefit Transferring Target Customers, in each case in the context of the aims of Incentivised Switching;
- consider whether, and the extent to which, (in the opinion of BCR) the Applicant Company’s Switching Proposal will, if implemented, incentivise Target Customers to become Transferring Target Customers; and
- consider whether, and the extent to which, (in the opinion of BCR) the Applicant Company’s Switching Proposal makes switching offers to Target Customers across the full range of Turnovers of all Target Customers and which are materially better, taking into account the Dowries, than the offers which are made by them to new customers or customers (across the full range of Turnovers) which might switch their banking products to them (other than through Incentivised Switching), in each case provided that the Applicant Company shall not be required to make switching offers to particular Target Customers if it does not, at the time of its application, have a suitable Business Current Account and/or Loan Product offering for such Target Customers.