Estate agents with historical banking disputes urged to seek support

The Business Banking Resolution Service (BBRS) is appealing to property 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 the historical scheme closes on 14 February 2023.

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 £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 1 April 2019 onwards. It is open to businesses with turnover up to £10m annually, and total assets up to £7.5m, which are not eligible to take their complaint to the Financial Ombudsman Service.

Chris Wilford, director of financial services policy for the Confederation of British Industry, said: “Services like the BBRS play an important role in supporting British industry through the provision of free and impartial support. By helping small and medium sized businesses with their banking disputes, the BBRS can help to forge a healthy and competitive economy.”

Dirk Paterson, customer director at the BBRS, commented: “We want 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.”

 

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