UK businesses only have one month left to register unresolved historical banking complaints with the BBRS
The Business Banking Resolution Service (BBRS) is appealing directly to UK small and medium sized businesses (SMEs) to see if their unresolved banking disputes can be tackled. Eligible SMEs with long-standing banking complaints must register their case with the BBRS before the Historical Scheme closes to new registrations on 14 February 2023. Professional services firms should also check to see if their current and previous clients’ banking disputes can be tackled.
The BBRS is a not-for-profit, independent service, established to resolve disputes between SMEs and their bank. The service resolves disputes based on what is fair and reasonable for each case. Businesses going through the service will be assigned a dispute resolution specialist known as the customer champion who acts as a single point of contact and offers practical support. The BBRS can make both financial and non-financial awards when a complaint is upheld.
The Historical Scheme has been open since the BBRS launched in February 2021 and covers banking complaints first registered in the period from 1 December 2001 to 31 March 2019. Businesses may qualify for support if they had turnover between £1m and £6.5m per annum at the time of their complaint, and their case has not already been settled, been subject to an independent review, or gone to court. This includes businesses which have since closed, merged or been sold.
Businesses with outstanding historical banking disputes are urged to see if they can apply for support using a quick online tool as the deadline for historical complaint applications is just one month away, closing on 14 February 2023. Professional services businesses are also encouraged to see if they can help clients access BBRS’ support.
The BBRS will remain open following the closure of the Historical Scheme to process complaints already in the system and to receive new complaints for the Contemporary Scheme. The Contemporary Scheme reviews complaints relating to incidents (acts or omissions on the part of the bank) that took place on or after 1 April 2019.
Dirk Paterson, customer director at the BBRS said: “The BBRS’s Historical Scheme closes in one month on 14 February 2023, and we would like as many eligible SMEs as possible to make use of this free dispute resolution service. If you have a longstanding standing business banking complaint, we urge you register this with us via our website – we are available by phone, online chat, call back service and email. The BBRS will remain open from 14 February 2023 so if you have a contemporary business banking complaint, please also get in touch with us and we’ll see if we can help.”
To register a complaint with the BBRS, visit: https://thebbrs.org/register
