We reconvened the Perseus User Needs & Impact Advisory Group, co-chaired by Icebreaker One and Barclays.

Meeting Aims:

1. Illustrate the SME journey to a loan 
2. Update members on FCA and Perseus for Domestic discussions
3. Endorse initiative to reduce friction for SMEs to prove their address 

Summary:

It was agreed that:

• Immediate focus remains on real-world SME case studies and proving that banks can implement Perseus with their customers.
• While the business case for Perseus is clear (as per 2024 and 2025 annual reports), the internal investment cases must show material progress from the Perseus Members
• The Secretariat will continue to engage with the FCA, including preparing an updated briefing note on the potential impact of regulatory clarification.
• A working group will be formed to explore ways to streamline SME smart data access.

It was noted that:

• Perseus has been featured in DBT’s Smart Data Strategy. Discussions with DBT are positive and ongoing.
• The FCA has indicated that it can explore the potential of becoming an observer on the Perseus SG.
• From a measurement methodology perspective, there is a need for a minimum-viable, harmonised carbon intensity metric (potentially linked to revenue or EBITDA) that would meet baselining needs, but not compete with existing industry and commercial scoring models.

It was discussed that:

• From a regulatory perspective, a tension has been identified between the potential interpretation of FCA rules and banks’ perceived ability to proactively reach out to customers on climate finance. Members discussed the potential  impacting of this on the perceived size of the addressable market. This discussion helped frame inputs into the briefing note.
• From an impact perspective, smart meter data could support broader customer engagement: nudges, insights, and efficiency recommendations, not just finance offers.
• From an opportunity perspective, there is potential for Perseus (for SMEs) to expand into the domestic market (Perseus for Domestic), potential links with the Warm Homes Plan.

Next meeting: Monday 12 October 2026 10:00-11:30 BST

Formal records, including attendees, are maintained by the secretariat. 

These are confidential to the Advisory Group Members.