By Oliver Smith on Thursday 2 July 2020
Incoming chair to oversee final stages of Pool E and holding awardees to account.
The executive chair of Banking Competition Remedies Ltd (BCR) who oversaw the formation of the group in 2018, has announced his upcoming resignation.
Godfrey Cromwell will be leaving the BCR in September, with a handover to incoming non-executive chair Richard Anderson (currently a BCR director) from August.
“Every deadline has been met, within budget, and we have recruited two excellent NEDs who add value to the board. All this in the teeth of once-per-generation economic, social and political challenges from Brexit and Covid-19,” said Cromwell this morning.
“I am leaving BCR in very capable hands and wish them continued success.”
The BCR started in 2018 with £775m to hand out to UK lenders, banks and innovators to improve competition among the country’s banks and financial services firms.
The fund was set up with cash from the Royal Bank of Scotland (RBS), and is part of European Union conditions attached to the £45bn government bailout of the high street bank at the height of the financial crisis a decade ago.
So far £425m has been allocated to the likes of Starling Bank, Tide, Iwoca and others under the Capability and Innovation Fund, with £225m being paid out by the y the Incentivised Switching Scheme to increase the rate of SME current account switching.
A further £100m is awaiting deployment via the newly-created Pool E, the sum of two former awardees (Metro Bank and Nationwide) which each returned cash after being unable to meet their targets.
“These are difficult times for the SME banking market and for FinTechs in general, so we know how important our role is in distributing Pool E and also in holding awardees from all Pools to account against their public commitments,” said incoming chair Anderson.