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RBS Alternative Remedies Package: FAQs

Find out all you need to know about our involvement with the Royal Bank of Scotland's Alternative Remedies Package here.

  • What is the RBS Alternative Remedies Package?

    The RBS Alternative Remedies Package is a result of the government supporting the Royal Bank of Scotland (RBS) during the 2008 financial crisis. One of the conditions of the support was RBS had to reduce its share of the Small to Medium Enterprise (SME) banking market.

    It’s made up of two funds: The Capability and Innovation Fund and the Incentivised Switching Scheme. These funds are being managed by the independent Banking Competition Remedies Limited (BCR).

    Challengers like Metro Bank were able to pitch for a share of the Capability and Innovation Fund to improve their financial products and their capability to compete with RBS. Meanwhile, the Incentivised Switching Scheme will be used to fund incentives to encourage eligible RBS SME customers to switch to other banks.

  • Why is it relevant to Metro Bank?

    We want to provide SMEs a great banking experience, and this gives us an opportunity to offer these businesses a new alternative as well as helping us to grow. 

  • Did Metro Bank pitch for the Capability and Innovation fund?

    Yes, Metro Bank did pitch for the Capability and Innovation Fund.

  • When did Metro Bank find out its pitch was successful?

    The Capability and Innovation Fund’s announcement was on 22 February 2019, where we found out we’d been successful in our pitch and awarded £120 million.

  • What is Metro Bank planning to spend its £120m Capability and Innovation Fund money on?

    We’ll be using the £120 million to help meet the needs of SMEs and inject vibrant competition into the banking market. It will also help us to open new stores, launch new digital service and deliver an even better banking experience to businesses.

  • Will RBS customers be able to switch to Metro Bank?

    RBS customers have been able to switch to Metro Bank ever since we launched in 2010, but the Incentivised Switching Scheme will offer eligible RBS customers an additional incentive to join the revolution. 

  • What incentive will Metro Bank be offering eligible RBS customers?

    All switching customers receive our superior service, straightforward accounts and help from our wonderful colleagues. While our accounts will remain the same for eligible RBS customers, they will receive an incentive payment when they switch.

    Eligible RBS customers will be able to view their personal incentive amount on RBS’s Business Banking Switch site.

  • What happens if eligible RBS customers want to switch before the ‘switching incentive’ is available?

    Anyone can switch their account to Metro Bank at any time, including RBS customers. However, eligible RBS customers who wish to receive the switching incentive payment will need to wait until 25 February 2019.

  • Will customers switching from other banks be eligible for an incentive? If not, why not?

    The RBS Incentivised Switching Scheme is only applicable to eligible RBS customers. Businesses switching from other banks will not be able to receive incentives from this fund. 

  • When does the switching incentive start and run until?

    The switching incentive for eligible RBS customers will begin 25 February 2019. There is no end date currently specified – it is expected that the scheme will run for up to 18 months.

  • How will businesses know if they are eligible for the incentive?

    All eligible customers will be contacted by RBS to let them know about the Incentivised Switching Scheme. RBS’s Business Banking Switch site has all the information for eligible customers. 

  • I’m an eligible RBS customer, how can I switch to Metro Bank?

    You can start the switching process from 25 February 2019. Register on the RBS Business Banking Switch for further updates. 

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