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Responding to the opening of the expressions of interest for the Business Banking Resolution Service (BBRS), Stephen Jones, Chief Executive of UK Finance, said:
?Today marks an important milestone in the creation of a resolution service for businesses that is trusted, transparent and fair. Thanks to the positive engagement of all groups involved in its development, the BBRS will be a ground-breaking service with a scope, mandate and level of expertise beyond anything seen elsewhere in the world. ?Once fully operational, 99 per cent of small businesses will have access to this independent service or the Financial Ombudsman Service and we estimate around 60,000 customers will be eligible for the historic part of the scheme should they wish to use it.?
?Today marks an important milestone in the creation of a resolution service for businesses that is trusted, transparent and fair. Thanks to the positive engagement of all groups involved in its development, the BBRS will be a ground-breaking service with a scope, mandate and level of expertise beyond anything seen elsewhere in the world.
?Once fully operational, 99 per cent of small businesses will have access to this independent service or the Financial Ombudsman Service and we estimate around 60,000 customers will be eligible for the historic part of the scheme should they wish to use it.?
<p>For more information please call the UK Finance press office on 020 7416 6750 or email <a href="mailto:press@ukfinance.org.uk">press@ukfinance.org.uk</a></p> <ol start="1" type="1"><li>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</li> <li>The development of the Business Banking Resolution Service is being delivered by an Implementation Steering Group, <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… by Lewis Shand Smith</a>, former chief executive of Ombudsman Services and comprised of representatives from business groups and financial institutions. <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… response</a> to Simon Walker?s independent review of the scale and complexity of banking complaints from SMEs, the industry supported the expansion of the scope and capability of the Financial Ombudsman Service businesses with turnover of up to £6.5 million and balance sheets up to £5 million. For those SMEs with a turnover of between £6.5 million and £10 million and a balance sheet up to £7.5 million, the industry committed to provide access to an appropriate dispute resolution scheme, which would be binding on banks up to a new higher level of £600,000, and also cover historical disputes involving SMEs that have arisen since 2008. In agreement with SME groups, this has since been extended to disputes dating back to 2001 subject to certain evidential requirements.</li> </ol>
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