NEWS

New Business Banking Dispute Service

A new resolution service that will give SME's more options when resolving disputes with their banks has gone live.

The Business Banking Resolution Service (BBRS) offers an alternative to litigation when resolving disputes between eligible small and medium sized businesses and participating banks*. The aim of the service is to give SMEs added confidence to take out loans and other business banking products and services knowing that, if something goes wrong, they have a route to independent resolution.

The 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.
The service has been two years in the making and has been set up on a voluntary basis with small business groups and banks working together. 

Find out more about the Business Banking Resolution Service here.

*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; and Virgin Money (including Clydesdale Bank PLC and Yorkshire Bank). 

 

15/02/2021

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REF: MC/NL/1.2