The BBRS offers a free and independent service, using a combination of adjudication powers and other alternative dispute resolution (ADR) techniques, such as mediation. It will complement rather than replace the jurisdiction of the Financial Ombudsman Service in these matters, and so it is unlikely to operate where a complaint should properly be referred to FOS.
The aim is to determine eligible complaints on the basis of what is fair and reasonable in the circumstances of each case. In an introductory blog on their website, their CEO, Samantha Barrass, states that the BBRS will do their best to seek resolution wherever possible and will be pro-active and creative in how they do so.
Following a live pilot, the service launches with over 400 cases already on its books following pre-registration before go-live. Their aim is to be as quick as they can in turn-around times and decision making, though their ability to do so will rely on the co-operation of banks and customers. The good news in that regard is that the service is funded by seven participating banks, who between them cover the majority of the business banking market for SMEs. To that extent these banks have a vested interest in making the service a success, and it is hoped that other banks may join the service as it develops.
The service is supported by a very user friendly website at www.thebbrs.org and their FAQs on the home page cover everything you need to know. It is worthwhile calling out that, to be eligible, the complaint has to be against one of the participating banks and must relate to a banking service, such as lending or payment services.
