Addleshaw Goddard has supported the creation of the Business Banking Resolution Service (BBRS), which was launched on 15th February.
BBRS is a new, independent, dispute resolution service for small and medium-sized businesses in the UK. Its launch fulfils a banking industry commitment given following the 2018 Walker Review into the complaints and alternative dispute resolution landscape for UK SMEs. The service was developed with the input of stakeholders from across business, and will use alternative dispute resolution techniques to settle complaints from SMEs against banks covered by the scheme.
The Addleshaw Goddard team was led by Dispute Resolution partner David Pygott and Corporate partner Ben Koehne, and included Graham Cross, Helena Brown, and Ian Sampson. The cross-sector team advised the founding banks on the setup of the service. AG's core team from our Dispute Resolution and Corporate departments was supported by specialists from across our firm, including Data Protection, Commercial, Competition, Tax and Restructuring.
David said: "BBRS is a significant project that has seen all parties come together to create an attractive dispute resolution option for smaller UK businesses with complaints against their banks. It will be free at the point of use, and able to resolve historical and contemporary complaints not only using consensual dispute resolution techniques but also, where needed, by issuing binding decisions that bring finality for SMEs and banks in complex and long-running unresolved matters. There have been many legal challenges to overcome, but it has been fantastic to help our clients with something so innovative and ambitious."
Ben commented: "No one should underestimate the significant energy and determination it has taken to achieve this. Our clients gave a commitment to support the creation of the BBRS through UK Finance's response to the Walker Review, and their commitment has been fulfilled after more than two years of hard work. We are delighted to have been able to offer the banks our help and expertise in making the new scheme a reality."