To ask the Chancellor of the Exchequer, whether he has plans to expand the eligibility criteria for the Business Banking Resolution Service.
28 June 2021
The Government welcomes the recent launch of Business Banking Resolution Service (BBRS), a free and independent service designed to settle unresolved complaints from SMEs about their bank.
The Government has set out high level guidance regarding what the BBRS should look to achieve. In 2018, the then Chancellor wrote to the BBRS signalling that for the scheme to bring closure it is vital that it considers as many complaints as possible, but also that it is right the scheme focuses on providing resolution to SMEs who have not had anywhere independent to take their complaint. Beyond this high-level guidance, it is not for the Government to comment on specific details about the eligibility of a voluntary, non-governmental service.
On increasing the number of banks participating in the BBRS, the service launched with 7 founding banks who make up the majority of the UK banking sector, and it is understood that the BBRS hopes additional lenders will join over time. It is not for Government to mandate participation in an industry-led, independent organisation.