A live pilot has been ongoing since the end of 2019, where banks make efforts to understand the personal circumstances of each SME, appoint a customer champion to each case to help customers identify the most important documents, and take account of their preferred means of communication. It has taken on board more than 40 complaints from SMEs so far, some stemming from the 2008 financial crisis.
According to
the report, ‘the BBRS team initially focusses on conversations by phone to
interact with customers and learn about the individual complaints, rather than
burdening customers with filling in lengthy complaint forms at the very outset.
‘The emphasis
is on balancing the need for collecting enough vital information about the
complaint as early as possible while not losing the human touch and treating
customers with empathy.’ The team also recognises the extra stress caused by
the COVID-19 pandemic and the devastating impact this is having on business
activity.
Lewis Shand
Smith, the BBRS independent Chair, said: ‘It has never been more important for
British businesses to get fair treatment from their banks.
‘Doing so
will, in turn, safeguard the reputation of the sector. The BBRS will play a
vital role in making sure this happens. In establishing our service, we have
recognised the need for a deep rethink of the way disputes between SMEs and
their banks are handled.
‘The live
pilot is adopting a human and flexible approach, as an alternative to the
stress and cost of seeking to resolve complaints through the courts.’
Alexandra
Marks, Chief Adjudicator at the BBRS, said: ‘We have been discovering a lot
about some difficult and often distressing cases, and the importance of
handling these sensitively as well as fairly.
‘When dealing
with disputes it is not possible to please everyone all of the time, but our
ambition as an independent organisation is to reach fair and reasonable
outcomes which bring closure to both parties.’
Find out more
at: https://thebbrs.org.
Read the
report, ‘Live pilot: interim findings’, at: https://staging-thebbrs.kinsta.cloud/wp-content/uploads/2020/05/BBRS_Live_Pilot_Interim_Report_15_05_2020.pdf.
