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 highlights the imminent closure of the application window for the Incentivised Switching Scheme (ISS) - this Friday 30 November at 17:00 UK time.

The purpose of the Incentivised Switching Scheme is to provide funding of up to a maximum total of £275 million to SME customers of the business previously described as Williams & Glyn, to switch their business current accounts and loans to ‘challenger’ institutions. A further maximum sum of £75m has been set aside within RBS to cover customers’ switching costs.

Following the closure of the application window this Friday 30 November there will be a period of review before a public announcement of the application results on Wednesday 19 December.