Dickson Hails the New Business Banking Resolution Service (BBRS)
East Antrim Alliance MLA, Stewart Dickson is delighted to see the Business Banking Resolution Service (BBRS) go live. The BBRS is a new, independent organisation that seeks to resolve disputes between SMEs and participating banks. The service is now fully live and open to thousands of potential customers around the UK.
Mr Dickson said: “The cost of litigation in the UK is often too steep, and too protracted, for small and medium-sized companies who are involved in a dispute to resolve through the courts. The BBRS recognises this reality and offers a free alternative for these businesses to resolve disputes with seven participating banks who make up the bulk of the banking market in NI.
As the service was designed jointly by both participating banks and small business groups, what has been achieved is a fair, flexible and empathetic channel for dispute resolution.”
Mr Dickson concluded by saying: “The pandemic has hit SME’s particularly hard, but these companies will be an important part of our economic recovery and so continued investment in their development will be vital. What the BBRS provides, is peace of mind for these companies, that any disputes that may arise can go through a fair and independent resolution process.”
The BBRS will look at two types of unresolved complaint:
The contemporary scheme covers cases for the period from 1 April 2019 onwards: it is for businesses with a turnover up to £10m per annum; and a balance sheet of up to £7.5m; and which are not eligible to take their complaint to the Financial Ombudsman Service.
The historical scheme covers cases for the period from 1 December 2001 to 31 March 2019: it is for businesses with a turnover up to £6.5m per annum; and a balance sheet of up to £5m; and which were not eligible to take their complaint to the Financial Ombudsman Service and have not had access to an independent review.
More information about the service can be found here.