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Gordon MP Meets with Business Banking Resolution Services
SMEs URGED TO CHECK FOR LETTERS GIVING THEM 6 MONTHS TO RESOLVE BANKING COMPLAINTS
- SMEs who have complained to their bank, but were unsatisfied with their response, may have further options available to them.
- SMEs should check to see if they are eligible for free and independent dispute resolution from the Business Banking Resolution Service (BBRS).
- Those who have received a referral to the BBRS – via a final response letter – have six months to register their case.
Gordon MP Richard Thomson has met with representatives from the Business Banking Resolution Service (BBRS) which is appealing directly to business in Scotland to see if their unresolved banking disputes can be tackled. 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 the BBRS, businesses must have a turnover of less than £10m and a balance sheet of less than £7.5m, and not be eligible for the Financial Ombudsman Service. Complaints must relate to incidents that took place on or after 1 April 2019.
SMEs 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. SMEs 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.
Since its launch, the BBRS has helped many SMEs to tackle a range of highly complex business banking complaints. BBRS interventions have had a transformational impact for multiple SME owners. Resolutions have included significantly more than £1m 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.
Richard Thomson, Member of Parliament for Gordon said:
“All too often in Scotland SMEs have unresolved complaints with their banks and then don’t know where to go. So, I was pleased to learn how the BBRS can help businesses in Gordon and across Scotland to resolve unresolved banking complaints. I’d urge any Scottish businesses with turnovers between £6.5 and £10 million to check if the free service at the BBRS can resolve their issue.”
Many SME owners may have already received a final response letter, referring them to the BBRS. SMEs should check their correspondence and see if they are eligible to use the BBRS today by visiting https://thebbrs.org/contemporary
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