Property sector SMEs are being urged to register a business banking complaint with the Business Banking Resolution Service, which is set to close to new registrations on 13 December 2024.
After this date, SMEs will be unable to register any complaints with the BBRS and businesses could lose out on resolutions and redress payments.
To submit a complaint, to the BBRS’ Contemporary Scheme, SMEs must have a turnover of less than £10m, 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 that have not already been subject to an independent review or settled.
Registering a complaint at the BBRS is free. The BBRS is an independent, industry-funded, dispute resolution service for SME customers of Barclays Bank, Danske Bank, HSBC UK, Lloyds Banking Group, NatWest Group, Santander and Virgin Money. Wholly funded by these banks, the BBRS was due to close to new registrations in 2023 but was given a temporary extension which is now coming to an end.
The BBRS offers a number of different routes to resolution including adjudication conciliation, mediation and direct settlement. The BBRS is urging SMEs who are unsure of whether or not they qualify to use its simple online tool to see if they are eligible or to get in touch directly.
Dirk Paterson, Customer Director at the BBRS said: “There is only one month left for SMEs to make sure any outstanding disputes with their banks are addressed and we encourage SMEs to get in touch now to see if they are eligible. It's a simple process to submit a complaint, and our team are on hand to guide businesses through every stage and potential outcome.”
Liz Barclay, Small Business Commissioner said: “Small business owners across the UK are brilliant at, and passionate about, what they do, but they don’t always know where to get the support they need. My team is focused on getting them paid what they’re owed when they’re in dispute with customers over payments for goods or services.
"Similarly, BBRS may be able to help resolve banking disputes. With just one month to go before the BBRS closes to new registrations, time is running out. If you think you could benefit, whether you’re an owner or a director, contact the BBRS and see if they can help.”
