Property companies, including estate agents with historical banking issues, need to register complaints with the Business Banking Resolution Service (BBRS) by 14 February next year.
Any businesses that experienced disputes with their banks between 1 December and 21 March 2019 are being asked to register any incidents with the BBRS.
The BBRS is an independent service that handles historical banking complaints and was established to mediate and find resolutions to disputes between SMEs and banks. It can apportion financial and non-financial cost penalties if a complaint is upheld.
Eligibility to make a complaint is open to businesses if they had a turnover of between £1 million and £6.5 million at the time period relating to their complaint. This includes businesses which have since been sold, closed or merged. Businesses making a complaint will receive help and support from a resolution specialist.
The BBRS was created to allow businesses not covered by the remit of the Financial Ombudsman Service to seek redress.
It will also deal with banking disputes from 1 April 2019 to the present day. The process is open to businesses with a turnover of up to £10 million.
For more information on the historical and contemporary complaints scheme, you can seek advice from your legal representative.
