Originally written by Lewis Shand-Smith on Small Business
What is the BBRS?
The Business Banking Resolution Service was launched in February this year, and is already helping small businesses who have had problems with their banks.
It is a free, voluntary scheme involving seven of the main business banks. Between them, these seven banks cover over 90 per cent of the SME banking market in the UK. It deals with unresolved disputes between larger SME customers and their banking services providers.
It is independent and the banks – which have signed up to a contract detailing the service – must accept its determinations. The BBRS can help UK registered businesses, partnerships, trusts, charities, friendly societies and co-operative societies.
How does it differ from the FOS?
The Financial Ombudsman Service (FOS) is a scheme set up by statute for individuals and smaller SMEs. The BBRS has been designed so that it does not overlap with the FOS, but rather dovetails with the FOS’s rules. If your SME is not the right size for one it is likely to be right for the other, and the BBRS will refer you to the other organisation if it cannot help.
I’m a small business – can the BBRS help me?
It depends