Charity and third sector organisations have one more year in which to register unresolved historical banking complaints with the Business Banking Resolution Service (BBRS), the service is warning.
The Business Banking Resolution Service (BBRS) is an independent and free dispute resolution service. It is urging organisations with banking disputes that took place between 1 December 2001 and 31 March 2019 to check if they should register via a quick online tool, with the historical scheme closing for new complaints on 14 February 2023.
Organisations going through the service will be assigned a dispute resolution specialist, who will act as a single point of contact and offer practical support. The BBRS can make both financial and non-financial awards when a complaint is upheld.
The BBRS’s 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 which 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 £10m per annum; and total assets up to £7.5m; and which are not eligible to take their complaint to the Financial Ombudsman Service.
Paul Scully MP, Minister for Small Business, Consumers and Labour Markets, said:
“It is important that organisations who have unresolved disputes with their bank check to see if they can receive BBRS support. Services like the BBRS play a vital role in ensuring SME and their owners, past and present, can access expert advice. The BBRS supports business to address unresolved banking complaints. This service is vital to the UK economy as we bounce back from this pandemic and look to the future.”
Dirk Paterson, Customer Director at the BBRS said:
“We want as many organisations 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.”