Property sector SMEs are urged to register a business banking complaint with the Business Banking Resolution Service (BBRS), which is set to close to new registrations on 13 December,2024. After this date, SMEs will be unable to register any complaints with the BBRS and businesses could lose out on resolutions and redress payments.

To submit a complaint, to the BBRS’ Contemporary Scheme, SMEs 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. 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.

Registering a complaint at the BBRS is free. The BBRS is an independent, industry funded, dispute resolution service for SME customers of Barclays Bank, Danske Bank, HSBC UK, Lloyds Banking Group, NatWest Group, Santander and Virgin Money. Wholly funded by these banks, the BBRS was due to close to new registrations in 2023, but was given a temporary extension, which is now coming to an end.

Dirk Paterson, customer director at the BBRS, said: “There is only one month left for SME’s to make sure any outstanding disputes with their banks are addressed and we encourage SMEs to get in touch now to see if they are eligible."