SMEs have 3 months to register unresolved banking complaints with the BBRS

Eligible SMEs with longstanding banking complaints must register their case with the BBRS before the historical scheme closes 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 BBRS’ historical scheme 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 £1 million and £6.5 million 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 that have since closed, merged, or been sold.

The BBRS can also assess more recent unresolved complaints through its contemporary scheme, which covers cases for the period from 1 April 2019 onwards.

It is for businesses with turnover up to £10 million per annum, and total assets up to £7.5 million, which are not eligible to take their complaint to the Financial Ombudsman Service.

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 three months away, closing on 14 February 2023. Professional services businesses are also encouraged to see if they can help clients access BBRS’ support.

Dirk Paterson, customer director at the BBRS, said it wants as many businesses as possible to have the opportunity to use the BBRS’ service.

“This includes businesses, trusts, charities, friendly societies, and co-operative societies. It includes directors of businesses no longer operating. We urge them to see if they qualify for our help and, if so, to register. If they’re unsure, businesses can check online or contact us to find out more,” he said.  

Businesses can check and register online at https://thebbrs.org/register