BBRS has published its Case Insights report which highlights themes and issues arising from customer complaint data to end-July.
The BBRS service was launched in February 2021, and by the end of July 2022, it had received 837 cases. This figure is relatively low as most SMEs are able to complain to FOS.
The report found that there were five common themes to complaints received by BBRS: clarity of communication, effective engagement, personal guarantees, fraud prevention and sales transparency and appropriateness.
One of the most complained about products was loans, for reasons including that the information given to customers was unclear, difficult to understand, or even wrong. BBRS also received 14 complaints about loan restructuring.
Other areas commonly complained about were:
- property valuations;
- personal guarantees;
- bank administration errors; and
- account closures.