Hundreds of banks and lenders get invite for £775m RBS fund access

Nearly 500 banks, lenders and fintech firms will finally receive details on how to access a £775 million fund from Royal Bank of Scotland after months of delays to the scheme.

The Banking Competition Remedies (BCR) body, which is tasked with distributing the cash, said that it sent invites to “eligible bodies” for a market event in central London late next month.

It is understood invites were sent directly to chief executives late on Monday and included all members of sector trade bodies UK Finance and Innovate Finance.

The event will run through the timeline and application process for the £425m Capability and Innovation Fund, meant to help bidders develop their existing account, lending and payments offerings for business customers.

Itwillalsogivedetailsaround the separate £350m Incentivised Switching Scheme, which will encourage SME customers to ditch their RBS account for rival banks.

Not all invitees are expected to attend.

Fewer will be eligible for some of the largest pools of cash in the Capability and Innovation Fund.

CYBG, which is in the midst of a £1.7 billion takeover of Virgin Money, is among those planning to attend the event on 27 September, alongside the likes of TSB and digital challenger Starling.