Source: Banking Competition Remedies
Banking Competition Remedies Ltd (BCR), the independent body established to implement the £775 million Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package, today announces the resignation of Godfrey Cromwell as Executive Chair and the future appointment of Richard Anderson (currently a non-executive director of BCR) as Non-Executive Chair.
Godfrey Cromwell will be leaving BCR on 30 September, with a handover to Richard Anderson during August. Godfrey has led BCR since its set-up in April 2018 and he has decided to stand down to coincide with the completion of most of the major decisions at BCR.
Under Godfrey’s leadership at BCR:
• The Incentivised Switching Scheme has doubled the SME switching rate through CASS.
• The Capability and Innovation Fund has successfully allocated £425 million to a wide range of organisations, which are now using these funds to support the development of wider capabilities and competition in the SME banking market.
• A further funding round, Pool E, has been created to redeploy some £100m of this sum after two awardees, Metro Bank and Nationwide, each returned £50m to BCR after their own internal strategic reviews indicated a change in business direction.
Godfrey Cromwell said today “We have achieved a great deal. ISS has performed far better than many expected and has recently announced plans for the next phase, taking it to its scheduled conclusion in 2021; CIF awards have been made in full across a portfolio of positive projects and Pool E is on track to allocate £100m funds by early September. Passing these milestones has been a great team effort by BCR staff, directors and our advisers as well as colleagues at HMT, RBS and participating bodies. 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. I am leaving BCR in very capable hands and wish them continued success.”
Richard Anderson said today “I am delighted that the board has asked me to step up to the role of Non-Executive Chair. Godfrey has led BCR from its creation through to the present time with great enthusiasm and skill. I look forward to working with my fellow directors, the team at BCR and all of those with an interest in our work as Chair over the remaining period of the ARP. CIF has been crucial in supporting the development of SME banking competitors. But 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.”
Application Round One of Pool E is due to report w/c 17 August and Round Two of Pool E is due to report w/c 21 September.