Treasury written question – answered on 30th January 2023.
To ask the Chancellor of the Exchequer, whether his Department has had discussions with banks on the provision of a service to deal with unresolved business banking complaints for SMEs following the planned closure of the Business Banking Resolution Service 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.
Yes0 people think so
No0 people think not
Would you like to ask a question like this yourself? Use our Freedom of Information site.