The Business Banking Resolution Service (BBRS) has urged SMEs with historical banking disputes to register before 14 February 2023, when the scheme closes to new applicants.
Small to medium-sized businesses have the next six months to register with the independent service to help resolve any issues they may have faced with their bank. Any disputes registered from 1 December 2001 to 31 March 2019 can be discussed with the BBRS.
Businesses may qualify for support if they had a turnover between £1 million and £6.5m at the time of their complaint and if their case wasn't settled, had been subject to an independent review or gone to court.
BBRS is also assessing more recent cases, dating from 1 April 2019 onwards. For these complaints, the scheme is open to businesses with a turnover of up to £10m and assets worth up to £7.5m.
Chris Wilford, director of financial services policy for the Confederation of British Industry, said:
"Services like the BBRS play an important role in supporting British industry through the provision of free and impartial support. By helping SMEs with their banking disputes, the BBRS can help to forge a healthy and competitive economy.
"If you think your current organisation, or a previous one, could benefit, please contact the BBRS soon to see if they can help."
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