Act now to get unresolved banking complaints escalated
The Business Banking Resolution Service (BBRS) has informed ACCA that it will continue to operate into 2024. This time extension to operations will mean that the BBRS can continue to provide a service to SMEs who have an unresolved complaint with their bank.
The BBRS is a free, independent dispute resolution service which could be of benefit to your accountancy practice or the SME clients you represent. Find out more about the support offered by the BBRS.
It is open 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.
The BBRS is calling on professional services businesses to see if they can help clients access support using their quick online tool. Businesses can be awarded up to £600,000 for cases from 1 April 2019.