18 November 2022
Assistance and compensation for eligible potato businesses in UK.
UK POTATO businesses have three months left to register unresolved historical banking complaints with the Business Banking Resolution Service (BBRS) and could be awarded compensation of up to £350,000.
The (BBRS is appealing directly to businesses in the agricultural sector to see if their unresolved banking disputes can be tackled. Eligible SMEs with long-standing banking complaints must register their case with the BBRS before the historical scheme closes on 14 February 2023.
The BBRS is a not-for-profit, independent service, established to resolve disputes between SMEs and their bank. The service resolves disputes based on what is fair and reasonable for each case. Businesses going through the service will be assigned a dispute resolution specialist known as the customer champion who acts as a single point of contact and offers practical support. The BBRS can make both financial and non-financial awards when a complaint is upheld.
The BBRS’ historical scheme covers banking complaints first registered in the period from December 1st, 2001 to March 31st, 2019. Businesses may qualify for support if they had turnover between £1 million and £6.5 million per annum at the time of their complaint, and their case has not already been settled, been subject to an independent review, or gone to court. This includes businesses which have since closed, merged or been sold.
The BBRS can also assess more recent unresolved complaints through its contemporary scheme, which covers cases for the period from April 1st 2019 onwards for businesses with a turnover of up to £10m per annum, and total assets up to £7.5m, which are not eligible to take their complaint to the Financial Ombudsman Service.
For more information, and to register, click here.