The Business Banking Resolution Service (BBRS) is appealing to charity sector businesses to see if their unresolved banking disputes can be tackled, with free support available.
Small and medium sized businesses (SMEs) who have complained to their business banking provider, but were unsatisfied with the response, may be eligible for further free and independent support through a referral to the BBRS.
The BBRS is a free, independent dispute resolution option for SME customers of Barclays Bank, Danske Bank, HSBC UK, Lloyds Banking Group, NatWest Group, Santander and Virgin Money. To be eligible for support, businesses must have a turnover of less than £10mn and a balance sheet of less than £7.5mn, and not be eligible for the Financial Ombudsman Service. Complaints must relate to incidents that took place on or after 1 April 2019.
Charity sector businesses who have complained to any of these banks, but have not reached a satisfactory resolution, should be provided with a final response letter which may offer them the opportunity to escalate their case to the BBRS. Customers have only six months from the date of their final response letter to register their case with the service. Those that have experienced a delay in receiving a final response letter from their bank following a complaint should also get in touch, as the BBRS may be able to help.
The BBRS says that since its launch, resolutions have included more than £1mn being awarded in financial redress, and since registering with the BBRS, many more SME customers have also succeeded in renegotiating their lending terms and conditions and have been discharged from personal guarantees or had their debt recovery plans rearranged.
Dirk Paterson, Customer Director at the BBRS said:
“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. SMEs have six months from the date of their final response letter to register their case with the BBRS, so we urge them to see if they qualify for our help. If they’re unsure, businesses can check online or contact us to find out more.”