There are six months left for the agencies to register the com…
Many agencies have long-standing and unresolved bank complaints, for example regarding accounts receivable: it has now been said that they have only six months left to register such disputes.
The Business Banking Resolution Service is appealing to small and medium sized businesses across the UK to see if their unresolved banking disputes can be resolved. Eligible SMEs with long-standing bank complaints must register their case with the BBRS by February 14, 2023.
The BBRS is an independent non-profit service, created to resolve disputes between SMEs and their bank.
Agencies going through the service will be assigned a dispute resolution specialist known as a Client Champion who acts as a single point of contact and offers hands-on support. The BBRS may award financial and non-financial rewards when a complaint is confirmed.
The BBRS historical pattern covers bank complaints first recorded in the period from December 1, 2001 to March 31, 2019.
Agencies are eligible for support if they had a turnover of between £1m and £6.5m a year at the time of their complaint and their case has not yet been settled, submitted for review independent or taken to court. This includes companies that have since closed, merged or been sold.
The BBRS can also assess more recent unresolved complaints through its contemporary system, which covers cases for the period from April 1, 2019. It is open to companies with turnover not exceeding 10 million pounds sterling per annum and total assets up to £7.5 million, which are not eligible to make a complaint to the Financial Ombudsman Service.
The BRS says that since its commissioning in February 2021, it has resolved a series of disputes both historical and contemporary.
Some of these cases have progressed through the BBRS system and been the subject of a judgment which, when upheld in favor of the customer, recommends what the bank can do to make things right. The BBRS has also seen many examples of cases being resolved outside of the formal arbitration process, with banks and customers resolving their complaint through settlement or mediation. In these cases, the BBRS plays a key role in bringing both parties around the table to a resolution.
Liz Barclay, the Small Business Commissioner, said: “Small businesses are the backbone of the UK economy and many are struggling as the rising cost of doing business (inflation of materials, wages, energy , fuel and rising interest rates) threatens their survival. . At no time has it been more important for a business owner to proactively address financial issues, whether it’s late supplier payments or resolving bank disputes.
“I urge all businesses to take this opportunity to resolve their banking complaints, many of which are long-standing. If you think your current business or a former one could benefit, whether you are an owner or a director, contact the BBRS and see if they can help you.
The BBRS claims that its services can be used by businesses, trusts, charities, friendly societies and cooperative societies. It includes directors of businesses that no longer work”
Businesses can register online at www.thebbrs.org.uk/register