Farmers encouraged to register business banking complaint

Farmers should contact the service to find out whether they are eligible
Farmers should contact the service to find out whether they are eligible

Small and medium-sized farms are being urged to register a business banking complaint before the December deadline.

The Business Banking Resolution Service (BBRS), a free-to-use and independent service, aims to resolve disputes between SMEs and their bank.

Complaints must relate to incidents that took place on or after 1 April 2019 that have not already been subject to an independent review or settled.

The BBRS offers a number of different routes to resolution, from adjudication to conciliation, mediation and direct settlement.

To be eligible, businesses must have a turnover of less than £10m, a balance sheet of less than £7.5m and not be eligible for the Financial Ombudsman Service.

The service was set to close to new registrations in 2023, but was given a temporary extension until 13 December.

Dirk Paterson, customer director at the BBRS, said farmers should contact the service to find out whether they are eligible for help before the 13 December deadline.

He said: “We want to make sure as many businesses as possible know about this free, independent service so they can resolve any outstanding issues with their banks.

“This service has enabled a significant number of SMEs to achieve resolutions and we don’t want any eligible businesses to miss out on this opportunity.”

Farming businesses who are unsure of whether or not they qualify can use its online tool on its website.

The service will remain open after 13 December, but only to process the registrations it has received before this deadline.