Dispute resolution service created to help businesses

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A new dispute resolution service has been created to help businesses.

With Covid hitting companies hard in Wales, representatives of the Welsh Government, the Senedd, leading business groups and the banking industry have united to welcome the new service.

The Business Banking Resolution Service (BBRS) has been set up to help SMEs find solutions to unresolved complaints against their bank.

Speaking at a virtual briefing event for members of the Senedd, politicians and stakeholders affirmed their support for the BBRS. Contributors highlighted the important role the service can play in supporting small businesses following the coronavirus pandemic.

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This event follows the successful events held virtually for Westminster and Stormont and Holyrood parliamentarians.

The BBRS is a non-profit, independent body, that will be tasked with providing a high-quality dispute resolution service, free-of-charge. Their team of mediators will look to use a range of proven approaches to help customers reach a fair and reasonable outcome with their bank.

Alexandra Marks, chief adjudicator of the BBRS, said: “The BBRS has been developed with customer experience at its heart. That means we’ve done everything possible to ensure that this is an empathetic service.”

Ben Cottam, head of Wales at Federation of Small Businesses, added: “As a partner in the service, [the FSB] is really pleased to see [the BBRS] launched.

“The more touch points that we can provide for BBRS with the SME community, the more awareness that we can generate, and the more confidence that will instil in addressing those historical concerns that businesses might have”.

Data from the Office for National Statistics suggests that up to 17,000 businesses across Wales could qualify to use the BBRS.

The service is calling on Welsh businesses with unresolved banking complaints to check the BBRS’ criteria and register their case online. Historical cases dating back to 2001 must register before the BBRS’ deadline of February 14, 2023.

The launch event formed part of this awareness campaign and was designed to brief members of the Senedd on how the BBRS can help business owners in their constituency.

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Stephen Pegge, managing director of Commercial Finance at UK Finance and member of the BBRS board said: “Dispute resolution is an essential ingredient of good commercial relationships and prior to the report that was undertaken, all that was available with the Financial Ombudsman Scheme was something at the very smallest end of business […] and that gap is something that we were always keen to fill.”

Lewis Shand Smith, chair of the BBRS, added: “I encourage all members of the Senedd, and your teams, to use our service when approached by constituents who have a problem and who you think might be eligible.

“We’re also here to help and give early advice and respond quickly to approaches from your offices and from you when you are seeking guidance.”