A new, independent, and free dispute resolution service, the Business Banking Resolution Service (BBRS), is appealing directly to tourism and hospitality businesses to see if their long-standing bank disputes can be tackled.
It is estimated that, over the past 20 years since 2001, some 600,000 businesses could still have an outstanding dispute with their business banking provider. Around 40,000 current and former, typically mid-sized, businesses in the hospitality and tourism sectors alone dating back to 2001 may be able to benefit from the service according to ONS data. The BBRS and Director of the Tourism Alliance, Kurt Janson, are urging businesses to see if they can apply.
The service, which covers SMEs’ unresolved banking complaints, has launched a new campaign to encourage businesses to apply soon, especially for historical cases arising before April 2019 for which the deadline for applications is 14 February 2023. The BBRS helps businesses through the process with personalised support from Customer Champions – highly skilled and experienced dispute resolution experts. It is fully independent and free to use. Businesses can find out full details, including if it is appropriate for their situation – and register – at: www.thebbrs.org/register
What type of complaints can the BBRS help with?
To use the BBRS, customers need to be – or have been – the owner or director (or personal guarantor) of a business classed as an SME and have a complaint against their bank that has never been resolved. Businesses may qualify for support if their case has not already been settled, been subject to an independent review, or gone to court.
The BBRS has two schemes, a Historical Scheme looking at cases arising before April 2019 and dating back to 2001, and a Contemporary Scheme for more recent complaints. Depending on the date the complaint was first logged with the bank, the business needs to have had a turnover of:
- 2001 – 2009: between £1 million and £6.5 million
- 2009 – 2019: between £2 million and £6.5 million
- 2019 onwards: between £6.5 million and £10 million
The process is overseen by Chief Adjudicator, Alexandra Marks CBE, a Deputy High Court Judge, and aims to resolve disputes based on what is fair and reasonable for each case.
Chief Adjudicator, Alexandra Marks said: “We want as many businesses as possible in the tourism and hospitality sector – and directors of those no longer operating – to have the opportunity to use the BBRS’ service. We encourage those with unresolved disputes to seek our help to achieve a fair resolution. We urge them to see if they qualify for our help and, if so, to register as soon as possible. If unsure, businesses can check online or contact us to find out more.”
Kurt Janson, Director of Tourism Alliance said: “The establishment of the BBRS is extremely timely for many tourism and hospitality businesses that are struggling with the financial impacts of the Covid Pandemic. The Tourism Alliance is strongly urging eligible businesses to use the free and impartial services of the BBRS to help resolve disputes that they may be having with their bank so that they can concentrate on rebuilding their business and supporting the UK’s economic recovery.”