The BBRS, which 7 banking groups have so far signed up to, will work to resolve complaints from larger SMEs. The scheme involves:
- the contemporary scheme for businesses with turnover of up to £10m per year and a balance sheet of up to £7.5m, who are not eligible to complain to FOS. This scheme is for cases from 1 April 2019 onwards;
- the historical scheme for cases from 1 December 2001 to 31 March 2019, for businesses not eligible for FOS with a turnover of up to £6.5m pa and balance sheet of up to £5m
The service already has 450 cases. Each case will be contacted by an allocated “customer champion” with further information.
Around 200,000 SMEs should fall within scope, and the BBRS estimates around 5-6,000 cases will be registered over the first 3 years.