More than 6,000 charities could benefit from assistance under the bank dispute resolution program
More than 6,000 charities could be eligible to collect money as part of a free program to help organizations resolve disputes with banks.
The Banking Resolution Service (BBRS), which was established to help small and medium-sized businesses involved in financial disputes, said charities and social enterprises had previously sought help from the program.
The BBRS renewed its invitation to the charitable sector to participate in the program earlier this month.
Qualifying charities and trusts must have a turnover of over £ 1million and have an unresolved complaint with a participating bank within the past 20 years. Charities may be eligible for support even if they are no longer functioning. The diagram is free to use.
The BBRS was created in 2018 in response to commitments made by the banking and financial sector to resolve complaints from investment banks that did not fall under the regulations in force.
When the BBRS investigates and maintains a dispute, it can award financial compensation to banks of up to £ 600,000 in open complaints and £ 350,000 in older cases. He can recommend higher payments if necessary.
Deadline for historical complaints
The banks participating in the program are: Barclays; Danske Bank; HSBC UK; Lloyds Banking Group (including Lloyds Bank and Bank of Scotland); NatWest Group; Santander United Kingdom plc; and Virgin Money (including Clydesdale Bank and Yorkshire Bank).
The process is overseen by an independent High Court judge.
The deadline for filing historical complaints with the BBRS is February 2023. These are complaints first registered between December 2001 and March 2019.
Dirk Paterson, Director of Client Services at BBRS, said: “We want as many charities and social enterprises as possible – and the administrators of those that are no longer functioning – to be able to use the BBRS service. .
“We urge them to see if they are eligible for our assistance and, if so, to register. If in doubt, companies can check online or contact us to discuss their situation. “