More BCR grant winners are asking to change their public commitments

By Oliver Smith on Friday 30 April 2021

Digital Banking

An undisclosed number of awardees have asked for changes to what they promised to deliver.

More BCR grant winners are asking to change their public commitments
Image source: Tim Gouw/Unsplash.

Banking Competition Remedies (BCR) Ltd today revealed that more awardees are asking to update the businesses cases and public commitments that they made when bidding for the cash.

In March, the BCR granted five awardees (Codat, Form3, Investec, Metro Bank and Starling Bank) permission to change their commitments after a “rigorous review process”.

Now the BCR says a further “number have submitted updated business cases” which are being considered.

“A small number are facing challenges due to the pandemic and in particular the knock-on impact of CBILS/BBLS,” the fund announced in a quarterly performance update.

The BCR has yet to reveal which awardees are asking for changes, but added that it’s currently holding review meetings with all awardees to monitor the situation.

“Those awardees that are struggling to deliver on their business cases have been very transparent in their public commitments and BCR is currently working with them to understand what this means in terms of their CIF funding recognising that there needs to be a keen focus on creating options for SMEs in the near term,” said Aidene Walsh, executive director of the BCR’s £425m Capability and Innovation Fund.

AltFi asked the BCR which awardees have submitted updated business cases and public commitments, but it said more information would be provided in its next update.

The next scheduled update from the BCR is due in May, covering the Pools A-D awardees progress, so more details may be published then.

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