The Board of Banking Competition Remedies Ltd (BCR) today publishes progress updates for Pool E recipients, providing a summary of performance against their public commitments for the period ending 28^th February 2022.

The public commitment updates this reporting period has the majority of awardees making excellent progress and a couple seeing challenges due to headwinds in their sectors.

Awardees progress against public commitments made can be found here. This quarter saw the approval of Virgin Money UK PLC and ClearBank Ltd Revised Business Cases. BCR is in discussion with ezbob as to the best way forward given the challenging external environment and we expect to agree a Business Case in due course. Tomato pay has also signalled a Revised Business Case.

BCR has now agreed with HMT and NatWest that it will continue to monitor awardees’ progress against KPIs and Public Commitments post termination of CIF Agreements later this year to ensure that the commitments awardees have made in return for funding on improving competition in the provision of financial services for UK SMEs are met. Ahead of the termination of agreements, it is anticipated that there will be a number of Revised Business Cases to update deliverables.

A summary of performance against awardees public commitments can be found in the notes to editors, with links to the full updates provided above:

Pool E sixth quarter update

•       Virgin Money UK PLC public commitment progress update

•       ClearBank Ltd public commitment progress update

•       Ebury Partners Limited public commitment progress update

•       MarketFinance Limited public commitment progress update

•       Funding Xchange Ltd public commitment progress update

•       Codat Limited public commitment progress update

•       ezbob Ltd public commitment progress update

•       Fractal Labs Ltd public commitment progress update

•       Previse Ltd public commitment progress update

The next progress updates for Pool E awardees will be in July 2022. Pool A, B, C, D and F awardees will provide their next progress update in May 2022. For more details on how BCR monitors CIF awardees see here.