The new Business Banking Resolution Service (BBRS) was launched this week as an alternative approach to settle unresolved complaints from larger SMEs with participating banks.
The BBRS provides a free, accessible and independent service to resolve disputes between eligible businesses and participating banks.
Business representatives and the banking sector have worked together to design the BBRS to address ongoing complaints from businesses that are not eligible for the Financial Ombudsman Service and so that they have an alternative to challenging a bank in court
BBRS will look at two types of unresolved complaint:
The contemporary scheme covers cases for the period from 1 April 2019 onwards: it is for businesses with a turnover up to £10m per annum; and a balance sheet of up to £7.5m; and which are not eligible to take their complaint to the Financial Ombudsman Service.
The historical scheme covers cases for the period from 1 December 2001 to 31 March 2019: it is for businesses with a turnover up to £6.5m per annum; and a balance sheet of up to £5m; and which were not eligible to take their complaint to the Financial Ombudsman Service and have not had access to an independent review.
Click here to find out more about BBRS.
Will my case be eligible for the BBRS?
The service will consider historical and contemporary complaints which meet agreed eligibility criteria. The eligibility criteria for the Historical Scheme and Contemporary Scheme differ slightly.
To enter either scheme, you must be:
– A sole trader or business organisation that is – or was at the time of the matters alleged in the complaint – a business customer of the participating bank being complained about; or
– A personal Guarantor of one of the above; or
– A Recognised Assignee of one of the above – including a partner or director; or
– A Dissolved Business Entity that was at the time of the matters alleged in the complaint, a business customer of the participating bank being complained about.
Your bank must be one of our participating banks:
– Barclays Bank plc and Barclays Bank UK plc
– Danske Bank
– HSBC UK Bank plc
– Lloyds Banking Group (Lloyds Bank plc and Bank of Scotland plc)
– NatWest Group (including The Royal Bank of Scotland Plc, National Westminster Bank plc, Coutts & Company and Ulster Bank Limited (Northern Ireland))
– Santander UK plc
– Virgin Money (including Clydesdale Bank plc and Yorkshire Bank)
Your complaint must be about a banking service.
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