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Articles

The Business Banking Resolution Service moves closer to launch

6 Nov 2019 | 1 minute read

The Business Banking Resolution Service (BBRS) has taken another step closer to going live, with the launch of its new website.

The dispute resolution scheme has been established by seven UK banks in response to the Walker Review. The website confirms a forthcoming live pilot, which will be the final step in preparation for a full launch in early 2020.

Businesses can register their interest in being a part of the live pilot on the new website. The pilot is currently available for complaints by UK businesses with:

A turnover up to £6.5m per annum and total assets up to £5m - for the historic scheme (1 December 2001 to 31 March 2019); or
Provided the complaint is not eligible for the FOS, a turnover up to £10m per annum and total assets up to £7.5m - for the current scheme (from 1 April 2019 onwards).

The scheme cannot consider complaints:

Which are eligible for the Financial Ombudsman Service (FOS);
Where customers have already received a determination by the FOS or the Court;
Which are currently being pursued through the court process; or
Which have already been subject to a review, which the BBRS recognises to be independent.

This is all subject to change though, as the eligibility criteria remains under review with full details due to be made available at the end of the live pilot, so watch this space…