Deadline to resolve banking disputes nears, agents warned

Property firms are being warned they only have three months left to register long-standing banking complaints.

The Business Banking Resolution Service (BBRS), which is backed by Propertymark, says the deadline to raise an issue from before April 2019 is 14 February.

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.

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.

£350K compensation

BBRS has the power to award up to £350,000 in compensation to SMEs who it finds have been treated unfairly by banks. It can make both financial and non-financial awards when a complaint is upheld.

The BBRS can also assess more recent unresolved complaints through its contemporary scheme, which covers cases for the period from 1 April 2019 onwards.

Mark Hayward, former chief policy adviser at Propertymark, said previously: “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 BBRS’s service.”

Property businesses can check and register online here