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Property sector SMEs, including agents, have three months left to register a business banking complaint with the Business Banking Resolution Service (BBRS), which is set to close to new registrations on 13 December.
The BBRS is a free, independent 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, it was set to close to new registrations in 2023, but was given a temporary extension which is now coming to an end.
To be eligible for 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.
The BBRS offers a number of different routes to resolution, from adjudication to conciliation, mediation and direct settlement. It is urging SMEs who are unsure of whether or not they qualify to use its online tool on its website or to get in touch.
The BBRS will remain open after 13 December, but only to process the registrations it has received before this deadline.
Dirk Paterson, customer director at the BBRS, said: “We want to make sure as many businesses as possible know about this free, independent service so they can resolve any outstanding issues with their banks.
“SMEs should contact us to find out whether they are eligible for our help before we close to new registrations on 13 December this year.
“This free service provided by the BBRS has enabled a significant number of SMEs to achieve resolutions and we don’t want any eligible businesses to miss out on this opportunity.”
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