News
Update On The RBS Business Banking Switch Scheme
24 - 08 - 2018
There is no requirement to switch your RBS Business Bank Account.
We have been informed by a
number of clients that they have received telephone calls claiming to be from
RBS telling them they have to move their accounts away from RBS.
We have queried this with RBS who have confirmed our understanding that there is no requirement to move your business bank
account.
RBS has advised the following
with regard to the Business Banking Switch:
“The
Business Banking Switch scheme was proposed as an alternative to the divestment
of the RBS England & Wales branches and NatWest Scotland branches to become
Williams & Glyn. This however did not proceed for various reasons and an
alternative scheme was proposed. The alternative scheme was designed to
increase competition in the banking sector by providing challenger banks with
the opportunity to apply for funding provided by RBS. This funding is to allow
the challenger banks to offer incentives for customers of RBS to switch to them
once the scheme becomes live.
At this point, we are still
awaiting confirmation of the challenger banks and what the scheme will look
like. RBS have contacted existing customers by letter initially to inform them
of the scheme and to provide the opportunity to register interest and receive
updates (link at the bottom of the email). For those customers who have not
responded or have not registered, we are looking to proactively contact them in
order to ensure that they are fully informed.
I must stress that the aim of
the scheme is to provide customers with all of the information and offers to
make an informed choice, which will be right for their business. There is no
obligation to sign up for the scheme, nor to switch away from RBS and we are
certainly not saying that it is mandatory for customers to move away from RBS.”
If you are a client of Foremans and you do receive a call
regarding switching your RBS business bank account please let us know in order
that we can inform RBS of the origin of the call.
Further information on incentivised switching can be found here: https://businessbankingswitch.rbs.co.uk/
