New Business Banking Dispute Resolution Service consults stakeholders ahead of launch this autumn

Key questions in the framing of a new service set up to resolve banking disputes for SME customers, have been published for consultation today.

The Business Banking Resolution Service (BBRS) is seeking input from stakeholders, and registered and potential customers to ensure the new service is developed in line with the needs of those who will use the service. The BBRS says that a human, flexible approach will be at the heart of the way it resolves disputes in its scope, which covers larger SMEs.

To find out more about the consultation and respond to the questions, please click here.

Earlier this month, the BBRS published interim findings from its pilot version of how this new, out-of-court, more empathetic system of settling unresolved disagreements between SMEs and banking service providers could work.

The BBRS has also recently published a report, The impact of covid-19 loan schemes on business banking dispute resolution, which focused on businesses’ experiences with the Government’s financial aid schemes and the disruption caused by the virus and what consequences might flow from them. In particular, it looked at those schemes which will fall within the BBRS’ scope (the service will not be available to those who took out Bounce Back Loans).

As it gears up for launch in the autumn, the Business Banking Resolution Service (BBRS) is this week hosting the second in a series of live webinars introducing the service and its leadership team to interested stakeholders and the public. The webinars are providing an opportunity to ask questions and hear from the BBRS’ leadership team and other relevant partners about the aims of the service, how it fits into the support structures available to UK businesses, and its approach to resolving disputes.

The first webinar was held on the 28th May, the second will be held at 4:00pm on Thursday 4 June and the final one on Tuesday 16 June. A recording and a transcript is being made available on the BBRS website for those not able to attend a live event.

Chair, Lewis Shand Smith commented:

“It has never been more important for British businesses to get fair treatment from their banks. Doing so will, in turn, safeguard the reputation of the sector. The BBRS will play a vital role in making sure this happens.

“In preparing to go live, we want to take account of what stakeholders across a wide range of organisations are experiencing and hearing from their members. We want the views of registered and potential customers too. We recognise that our service will need to be the subject of continuous review and improvement, and listening widely to people’s experiences is part and parcel of that. This consultation is central to that process and to an approach that always strives to put the customer at its heart.”