Time is running out fast for UK property businesses, including property companies, landlords, and estate agencies. They have three months to register any unresolved historical banking complaints with the Business Banking Resolution Service (BBRS).
SMEs with long-standing banking complaints must register their cases with the BBRS before the scheme closes on 14 February 2023.
The historical scheme by BBRS covers banking complaints registered with them from 1 December 2001 to 31 March 2019. Businesses that had a turnover between 1m and 6.5m per annum at the time of their complaint can qualify for support. They are also eligible if
- their case has not been settled yet.
- it has been subject to an independent review.
- the case has gone to court.
Businesses that have since closed, merged, or been sold can also register with the BBRS for resolution.
Small and medium-sized businesses are the backbone of the UK economy and indispensable to their local communities. Those with access to fair and affordable finance stood firmer during the recent challenging economic situation. The BBRS plays a crucial role in helping eligible enterprises access free and impartial support to help resolve their banking disputes. For most businesses, this is a vital service as they face the unprecedented challenges of the cost-of-living crisis. BBRS encourages all small and medium-sized firms with unresolved business banking disputes to contact them for a quick and favourable resolution.
The BBRS is also authorised to assess unresolved complaints through its contemporary scheme. The starting date for considering such cases is 1 April 2019 for businesses with turnover up to 10m per annum and total assets up to 7.5m. These businesses are not eligible to take their complaint to the Financial Ombudsman Service.
The Head of Policy and Legal at the Lending Standards Board, Laura Mahoney, said: Services like the BBRS help drive fair outcomes for businesses across the UK at a time when they are dealing with the impact of the cost-of-living crisis. We are calling on organizations across the UK to get in touch and find out if they are eligible for free and independent support to resolve their long-standing, unresolved disputes.
The customer director at the BBRS, Dirk Paterson, wants as many businesses as possible to take advantage of this opportunity.
We urge them to see if they qualify for our help and if so, to register. If they are unsure, businesses can check online or contact us to find out more. The BBRS was established to help resolve disputes between SMEs and their bank. The not-for-profit, independent service resolves disputes based on a fair and reasonable assessment of each case.
Businesses are assigned a dispute resolution specialist known as the Customer Champion. This single point of contact offers practical support. When the complaint is upheld, the BBRS can make both financial and non-financial awards. BBRS is authorized to award up to 350,000 in compensation to SMEs that, in its assessment, have been treated unfairly by banks.
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