Property professionals, including agents, are being urged to make use of a dedicated small business banking dispute scheme before it closes early next year.
The Business Banking Resolution Service (BBRS) was launched in 2021 to support small- and medium-sized enterprises with long-standing complaints about their bank.
The BBRS is appealing directly to business in the property sector to see if their unresolved banking disputes can be tackled before the scheme closes on 14 February 2023.
The historical scheme covers banking complaints first registered in the period from 1 December 2001 to 31 March 2019.
Businesses may qualify for support if they had turnover between £1m and £6.5m per annum at the time of their complaint and their case has not already been settled, been subject to an independent review, or gone to court.
This includes businesses that have since closed, merged or been sold.
The BBRS can also assess more recent unresolved complaints through its contemporary scheme, which covers cases for the period from 1 April 2019 onwards.
It is for businesses with turnover up to £10m per annum, and total assets up to £7.5m, which are not eligible to take their complaint to the Financial Ombudsman Service.
Dirk Paterson, customer director at the BBRS said: “We want as many businesses as possible to have the opportunity to use the BBRS’ service.
“This includes businesses, trusts, charities, friendly societies, and co-operative societies. It includes directors of businesses no longer operating. We urge them to see if they qualify for our help and, if so, to register. If they’re unsure, businesses can check online or contact us to find out more.”
Laura Mahoney, head of policy and legal at the Lending Standards Board, added: “Services like the BBRS help drive fair outcomes for businesses across the UK at a time when they are dealing with the impact of the cost-of-living crisis. We are calling on organisations across the UK to get in touch and find out if they are eligible for free and independent support to resolve their long-standing, unresolved disputes.”
The BBRS is a voluntary commitment setup following the Simon Walker Review on SME business banking complaints.
The seven participating banks are Barclays, Danske Bank, HSBC UK, Lloyds Banking Group (including Lloyds Bank and Bank of Scotland), NatWest Group (including Royal Bank of Scotland, NatWest and Ulster Bank Northern Ireland), Santander UK plc, Virgin Money (including Clydesdale Bank and Yorkshire Bank).
Alongside the participating banks, the BBRS has been set up in collaboration with representative groups acting on behalf of small and medium sized businesses.
Property businesses can check and register online at: https://thebbrs.org/register