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SME service for bank complaints goes live

A new service designed to resolve disputes between eligible small and medium-sized enterprises (SMEs) and participating banks has gone live.

19 Feb 2021

A new service designed to resolve disputes between eligible small and medium-sized enterprises (SMEs) and participating banks has gone live.

The Business Banking Resolution Service (BBRS) has been established following the Simon Walker Review on the small business complaints landscape.

It will use alternative dispute resolution techniques to settle unresolved complaints from larger SMEs with seven participating banks who make up the majority of the business banking market.

There will be an awards limit of £350,000 for historic claims and a £650,000 limit for future claims. The intention is to move to a default position whereby the full amount of any claim should be paid without limit.

The BBRS has engaged the Centre for Effective Dispute Resolution (CEDR) to provide flexible case-handling capacity to support the delivery of the service alongside the BBRS' own in-house team.

Martin McTague, National Vice Chairman of the Federation of Small Businesses (FSB), said: 'Access to finance will be absolutely critical to small firms as the economy recovers. That's why it's been worrying to see some stuck between a rock and a hard place where redress is concerned: too big for the Financial Ombudsman Service, too small for the courts.

'We believe the BBRS can provide a meaningful option for these firms in future. Delivery is key, and we'll work closely with the service to ensure it is fulfilling its function effectively.'

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Company details

020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

About us

Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

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