UK Banks’ £50 Million Complaints Service to Shut After 3 Years

A £50 million ($63.3 million) service to fix problems between banks and their small business customers is set to close after three years.

When the Business Banking Resolution Service, backed and funded by a group of lenders, launched in February 2021, the industry thought 60,000 customers would be eligible to have their problems heard. The BBRS said in its annual report released on Thursday it “left no stone unturned in its mission to encourage eligible SMEs to register their complaint,” yet just £2 million of redress has been recorded and 137 cases solved.