The Business Banking Resolution Service (BBRS) has announced that cultural and creative sector businesses in the UK have six months to register unresolved historical banking complaints.
Eligible businesses with long-standing banking complaints must register cases with the BBRS before 14 February next year under a historical scheme that covers disputes first registered between 1 December 2001 and 31 March 2019.
Businesses qualify for the scheme if they had an annual turnover of between £1m and £6.5m at the time of their complaint and the case has not been settled, been subject to an independent review or gone to court. Businesses that have closed, merged or been sold are also eligible.
Recent cases can be assessed through the BBRS’s current scheme, open to businesses with an annual turnover up to £10m and total assets up to £7.5m with disputes ineligible for settlement by the Financial Ombudsman Service.
“We want as many businesses as possible to have the opportunity to use the BBRS’ service,” said Dirk Paterson, Customer Director at the BBRS.
“This includes businesses, trusts, charities, friendly societies and co-operative societies. It includes directors of businesses no longer operating. We urge them to see if they qualify for our help and, if so, to register.”
Liz Barclay, Small Business Commissioner, said that many small businesses are struggling and that rising costs may threaten their survival.
“At no point has it ever been more important for a business owner to proactively challenge financial issues, whether that’s related to late supplier payments or tackling banking disputes,” she said.
“I am pleading with all businesses to grasp this opportunity to have their banking complaints, many of which are long-standing, resolved.”