KNOWLEDGE

Business Banking Resolution Service (BBRS) launches

Morton Fraser_John Lunn
Author
John Lunn
Partner
PUBLISHED:
18 February 2021
Audience:
category:
Blog

A new service was launched on 15 February 2021 to assist small and medium sized enterprises who have complaints in relation to business banking products and services that they may have been unable to resolve with their bank direct.

The BBRS offers a free and independent service, using a combination of adjudication powers and other alternative dispute resolution (ADR) techniques, such as mediation.  It will complement rather than replace the jurisdiction of the Financial Ombudsman Service in these matters, and so it is unlikely to operate where a complaint should properly be referred to FOS.

The aim is to determine eligible complaints on the basis of what is fair and reasonable in the circumstances of each case.  In an introductory blog on their website, their CEO, Samantha Barrass, states that the BBRS will do their best to seek resolution wherever possible and will be pro-active and creative in how they do so. 

Following a live pilot, the service launches with over 400 cases already on its books following pre-registration before go-live.  Their aim is to be as quick as they can in turn-around times and decision making, though their ability to do so will rely on the co-operation of banks and customers.  The good news in that regard is that the service is funded by seven participating banks, who between them cover the majority of the business banking market for SMEs.  To that extent these banks have a vested interest in making the service a success, and it is hoped that other banks may join the service as it develops. 

The service is supported by a very user friendly website at www.thebbrs.org and their FAQs on the home page cover everything you need to know.  It is worthwhile calling out that, to be eligible, the complaint has to be against one of the participating banks and must relate to a banking service, such as lending or payment services.

Disclaimer

The content of this webpage is for information only and is not intended to be construed as legal advice and should not be treated as a substitute for specific advice. Morton Fraser LLP accepts no responsibility for the content of any third party website to which this webpage refers.  Morton Fraser LLP is authorised and regulated by the Financial Conduct Authority.