SME dispute resolution scheme

BBRS will close to new registrations in December

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The Business Banking Resolution Service (BBRS), which was set up to provide free dispute resolution support to SMEs, will be closing to new registrations at midnight on 13 December 2024.

A 2021 survey of 750 small business leaders, conducted on behalf of the BBRS, found that 44% of SMEs go to their accountants for advice on business banking. ACCA members are being urged to raise awareness of the BBRS closure with clients they believe could have an unresolved complaint against their bank.

Eligibility criteria can be found on the BBRS website, but in summary include:

  • a business turnover of less than £10m at the time an SME owner complained to their bank and above the threshold of £6.5m (below this threshold would normally qualify SMEs to use the Financial Ombudsman Service)
  • the issue must relate to a business banking complaint against one of the seven participating banks
  • the incident complained about must have taken place on or after 1 April 2019
  • the complaint must not have been through litigation or have been settled already.

According to research from the BBRS, small business owners are most likely to go to their accountants for advice on banking issues.

Because of the unique role that ACCA members play in supporting and advising their SME clients, ACCA is urging members to visit the BBRS website and to recommend the service to clients who need help in resolving a banking dispute.

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.

Glenn Collins, interim head of ACCA UK, says: ‘Because of the close relationship between our ACCA members and their clients, our network is well placed to ensure that larger SMEs are aware of the free support available to them.

‘I am urging our members to recommend the BBRS to SME clients who have an unresolved dispute with their bank.’

Dirk Paterson, customer director at the BBRS, says: ‘The free service of the BBRS has enabled a significant number of SMEs to achieve resolutions. 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.’

BBRS’s case data report, as of 30 June 2024, breaks down customer outcomes in more detail.

BBRS has also published customer satisfaction data as of 30 June 2024. This survey data shows that customers can rely on their team for help when registering, and that they feel the outcome of their case was presented in clear terms. There are also findings in the report which show how satisfied customers are with the outcome to their complaint.

SMEs should contact BBRS to find out whether they are eligible for help.