Time running out to resolve banking disputes, estate agencies warned

A resolution service endorsed by Propertymark is reminding agents with as-yet unresolved run-ins with their bank to get in contact.

banking disputes estate agencies

Estate agencies have been warned that the clock is ticking if they hope to resolve any long-standing banking disputes

The Business Banking Resolution Service (BBRS) which is endorsed by Propertymark, estimates that some 600,000 businesses could have developed a dispute with their business banking provider during the past 20 years that remains unresolved.

It wants to remind them that the deadline for historical complaint applications prior to April 2019 is 14th February 2023.

The free and independent dispute resolution service is appealing directly to more than 179,000 mid-sized property industry firms including construction companies, property developers, architects, estate agencies and residential and commercial landlords that may be able to benefit from the service – including businesses that have since closed.

Resolution specialist

Estate agencies going through the service are assigned a highly skilled dispute resolution specialist, who will act as a single point of contact and offer practical support.

To use the service, you must be – or have been – the owner, director or personal guarantor of an SME and have an unresolved complaint against your bank dating back to 2001.

The complaint must not have been settled, subject to a bank review scheme, or gone to court.

estate agencies haywardPropertymark’s chief policy adviser Mark Hayward says that with the number of prospective tenants and number of properties selling above the asking price both breaking records last month, agents are busier than ever and have little time to spend dealing with ongoing banking issues, which the BBRS can support with.

He adds: “Tackling any ongoing disputes head-on can only be a positive step for the sector and I urge any agents with ongoing issues with their banking provider to register with the BBBR’s service.”

Read more about estate agents and banking disputes.

 


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