To ask the Chancellor of the Exchequer, with reference to the Business Banking Resolution Service (BBRS), if he will take steps to (a) encourage the adoption of the BBRS by banks to ensure accessibility, (b) resolve the outstanding terms of reference including eligibility and insolvency, (c) finalise and publish the BBRS process to deliver the service specified by the terms of reference, (d) demonstrate the independence of the BBRS and (e) enable the BBRS to resolve historical complaints.
16 March 2021
The Government welcomes the Business Banking Resolution Service (BBRS), which launched on the 15th February 2021. The BBRS offers a free, independent service which is designed to settle unresolved complaints from larger SMEs with the seven participating banks, who make up the majority of the business banking market.
The former Chancellor, Philip Hammond wrote to the BBRS in 2018 to make clear that it is right the BBRS does not seek to re-open complaints that have already been settled under a previous independent redress scheme, but instead offers an opportunity for resolution to SMEs who have not had anywhere independent to take their complaint.
Beyond that high-level guidance, I would like to stress the BBRS has been setup as an independent non-governmental body, and this independence is vital to its role. Its credibility, authority and value to SMEs would be undermined if it were possible for the Government to intervene in such matters.