Treasury written question – answered on 30th January 2023.
To ask the Chancellor of the Exchequer, whether his Department plans to put in place a provision to deal with unresolved business banking complaints relating to SMEs following the planned closure of the Business Banking Resolution scheme in December 2023.
The Business Banking Resolution Service (BBRS) is an independent non-governmental body that does not receive any public funding. The BBRS, which launched on 15 February 2021, offers a free, independent service designed to settle unresolved historical complaints that are not eligible for the Financial Ombudsman Service (FOS), and new complaints from SMEs which are too large to be eligible for the FOS. Over 99% of UK businesses can access independent dispute resolution either through the FOS or the BBRS.
The Government has always been clear that the independence of the BBRS is vital, and as such it is not appropriate for the Government to comment on its future. According to the timelines agreed by the BBRS when it was set up, the scheme for historical complaints will close on 14 February 2023, while the contemporary scheme for cases from large SMEs is due to close at the end of 2023.
Ministers and officials continue to monitor BBRS discussions closely, and we remain focused on ensuring SMEs have access to redress now and in the future.
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