UK SMEs urged to register unresolved banking complaints with BBRS

A new, not-for-profit, free of charge dispute resolution service, the Business Banking Resolution Service (BBRS) is appealing directly to London-based businesses to see if their unresolved banking disputes can be tackled. It is estimated that nearly 6,00,000 UK SMEs could qualify for the BBRS' independent, free specialist dispute resolution services - including 129,000 based in London - which covers current and past complaints, dating back to 2001.
 
The BBRS is urging larger SMES (£1m - £10m turnover) with outstanding banking disputes to get in touch to see if they can help, at www.thebbrs.org/register or via a quick online tool. If the BBRS upholds a complaint, it can make a financial or non-financial award against a bank, up to £3,50,000 for Historical Cases and £6,00,000 for Contemporary Cases (and it can recommend more).
 
Rajesh Agrawal, Deputy Mayor of London for Business, said: “Businesses in the capital have had a very tough time during the pandemic. Through initiatives such as the London Business Hub, we’re doing all we can to provide free support and resources to help businesses thrive in the future. The BBRS’ independent dispute resolution service could be a vital lifeline for SMEs and avoid the costs of going to court. I encourage SMEs in this position, including those with business banking complaints going back over the years, to get in touch with the BBRS today.”
 
The BBRS is fully independent and free to use. The process is overseen by Chief Adjudicator, Alexandra Marks CBE, a Deputy High Court Judge, and resolves disputes based on what is fair and reasonable for each case. Businesses going through the service will be assigned a highly skilled dispute resolution specialist, who will act as a single point of contact and offer practical support.