Many agencies have long-standing and unresolved banking complaints, for example regarding client accounts: now it’s been declared they have only six months left to register such disputes.

The Business Banking Resolution Service is appealing to small and mid-sized firms across the UK 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 February 14 2023.

The BBRS is a not-for-profit, independent service, established to resolve disputes between SMEs and their bank. 

Agenciees 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 December 1 2001 to March 31 2019. 

Agencies 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.

The BBRS can also assess more recent unresolved complaints through its contemporary scheme, which covers cases for the period from April 1 2019 onwards. It is open to businesses with turnover up to £10m per annum, and total assets up to £7.5m, which are not eligible to take their complaint to the Financial Ombudsman Service.

The BRS says that since it went live in February 2021 it has resolved a range of disputes from both the historical and contemporary schemes. 

Some of these cases have progressed right through the BBRS system and have received an adjudication, which, when upheld in the customer’s favour, recommends what the bank can do to put things right. The BBRS has also seen multiple examples of cases being resolved outside the formal adjudication process, with banks and customers resolving their complaint via a settlement or mediation. In these cases, the BBRS plays a key role in getting the two sides around the table to reach a resolution.

Liz Barclay, the Small Business Commissioner, says: “Small businesses are the lifeblood of the UK economy and many are struggling as the rising cost of doing business (inflation in materials, wages, energy, fuel, and interest rate rises) threatens their survival. At no point has it ever been more important for a business owner to proactively challenge financial issues, whether that’s related to late supplier payments or tackling banking disputes. 

“I am pleading with all businesses to grasp this opportunity to have their banking complaints, many of which are long-standing, resolved. If you think your current firm or a previous one, could benefit, whether you’re an owner or a director, contact the BBRS and see if they can help.”

The BBRS says its services can be used by businesses, trusts, charities, friendly societies, and co-operative societies. It includes directors of businesses no longer operating”

 Businesses can register online at www.thebbrs.org.uk/register