Farming and rural businesses with unresolved banking disputes are being encouraged to register their case with the Business Banking Resolution Service (BBRS) before its closure next year.
A free-to-use, independent service, the BBRS resolves disputes between small-to-medium sized businesses and their bank.
The service, which closes for complaints on 14 February 2023, can make both financial and non-financial awards when a complaint is upheld.
Businesses going through will be assigned a dispute resolution specialist known as the customer champion who acts as a single point of contact and offers practical support.
The BBRS’ 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 which 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 open to 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.
Since the BBRS went live in February 2021, it has resolved a range of disputes from both the historical and contemporary schemes.
Some of these cases have received an adjudication, which, when upheld in the customer’s favour, recommends what the bank can do to put things right.
The BBRS has also seen multiple examples of cases being resolved outside the formal adjudication process, with banks and customers resolving their complaint via a settlement or mediation.
In these cases, the service plays a key role in getting the two sides around the table to reach a resolution.
Businesses with outstanding historical banking disputes are urged to see if they can apply for support using a quick online tool as the deadline for historical complaint applications is just 6 months away, closing on 14 February 2023.
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.”
Farming businesses interested in using the service can register online.
