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
Tag Archive for business banking
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What do SMEs think is the best business bank account? – survey
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Handelsbanken has been voted the clear winner when it comes to what SMEs think is the best business bank account.
The Swedish bank, which has more than 200 UK branches, came top of the leader board in four out of five categories, according to the latest Competition and Markets Authority survey published this month.
The bank was named best for overall service quality (79 per cent); relationship/account management (86 per cent); SME overdraft and loan services (78 per cent); and services in branches and business centres (73 per cent) for the fifth time by the survey.
>See also: Business Banking Resolution Service opens doors in November
However, Barclays beat it to the top spot for online and mobile banking services.
BVA BDRC surveyed nearly 17,000 small business customers between July 2019 and June 2020, asking them if they would recommend their provider to other SMEs.
Mikael Sorensen, UK CEO of Handelsbanken, said: “We are particularly pleased to see this response coming from our SME customers, many of whom we have been working closely with to provide a range of tailored, flexible support.”
>See also: 12 of the best digital banking platforms for small business
Overall service quality – Handelsbanken
Handelsbanken was ranked
Hot Business News Today
What do SMEs think is the best business bank account?
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Handelsbanken has been voted the clear winner when it comes to what SMEs think is the best business bank account.
The Swedish bank, which has more than 200 UK branches, came top of the leader board in four out of five categories, according to the latest Competition and Markets Authority survey published this month.
The bank was named best for overall service quality (79 per cent); relationship/account management (86 per cent); SME overdraft and loan services (78 per cent); and services in branches and business centres (73 per cent) for the fifth time by the survey.
>See also: Business Banking Resolution Service opens doors in November
However, Barclays beat it to the top spot for online and mobile banking services.
BVA BDRC surveyed nearly 17,000 small business customers between July 2019 and June 2020, asking them if they would recommend their provider to other SMEs.
Mikael Sorensen, UK CEO of Handelsbanken, said: “We are particularly pleased to see this response coming from our SME customers, many of whom we have been working closely with to provide a range of tailored, flexible support.”
>See also: 12 of the best digital banking platforms for small business
Overall service quality – Handelsbanken
Handelsbanken was ranked
Hot Business News Today
Banks not cooperating with coronavirus loan, complain small businesses
by Timothy Adler • • 0 Comments
Originally written by Timothy Adler on Small Business
Small businesses complain that high-street banks are not entering into the spirit of the government emergency coronavirus loan, pushing them towards expensive products instead.
Entrepreneurs who have contacted Small Business show that banks are either wrongly understanding the Coronavirus Business Interruption Loan Scheme (CBILS) by asking for personal guarantees or are deliberately up-selling it, directing small businesses to take out regular business loans instead.
Alice Douglas, who runs St Curig’s Church bed and breakfast in Snowdonia, North Wales, said that she is faced with £20,000 worth of cancelled bookings because of coronavirus closure. She spent two days trying to get through to her bank, including seven hours of being put on hold, to ask for an overdraft extension. When Douglas – who has been with her bank for 40 years – explained that she needed financial support, her bank asked her if she had another income source over the next few months. When she said no, the bank said it was unable to help.
Douglas said: “I then asked [the bank] about the Coronavirus Business Interruption Loan but they said as I have no income at the moment they can’t do anything. Which defeats the whole
Hot Business News Today
Interview with Ian Rand of Barclays
by Ben Lobel • • 0 Comments
In this piece, we speak to Ian Rand, CEO of business banking at Barclays, to discuss the cash position of SMEs today, how diversification is key for modern businesses, and why fintech companies have some way to go before they master their customer care. What is your role at Barclays? I’m the CEO of business banking
The post Interview with Ian Rand of Barclays appeared first on Small Business.
Hot Business News Today
Small business banking: A complete guide
by Ben Lobel • • 0 Comments
Everything starts with a great idea. You work out the product or service features, create concepts, build a prototype and maybe even have the first interested customers. Perfect, that’s a great start! But there is more to building an entire business than just the product. Even just for starters, you must decide on the format
The post Small business banking: A complete guide appeared first on Small Business.
Hot Business News Today
Key tips to opening and managing a business bank account
by Ben Lobel • • 0 Comments
You have successfully registered your business and are ready to go. But there is at least one further step you have to take: find a bank and open a commercial bank account. Here is more information on how to find the bank that suits your company best and how to open and manage your business
The post Key tips to opening and managing a business bank account appeared first on Small Business.