Research from the Business Banking Resolution Service (BBRS) has revealed that SMEs are more likely to ask their accountants or financial advisers for advice on business banking needs than the banks themselves.
The research from the dispute resolution service, based on the views of 750 small business leaders, found that 44% go to their accountants for advice on business banking, 35% to financial advisers, and 33% to banks. Others turn to their solicitors (22%) and online research (17%).
The BBRS also revealed that there is strong demand among small businesses for a dedicated complaints service, yet few are aware of the full range of options available. It found that 73% of small business leaders would opt to use a complaints service if their business banking issue had not been satisfactorily resolved, yet the vast majority (91%) are unaware of any alternative solution to the Financial Ombudsman for such complaints.
The BBRS’ Historical Scheme covers complaints made as far back as 2001. It is likely that accountants, financial advisers, solicitors and other professional services firms will have had dealings with SMEs that have closed down, merged or sold in this period – and yet are nonetheless eligible. Current and previous business owners, directors and others can check their eligibility using a quick online tool.
Dirk Paterson, customer director at BBRS, said: “As trusted advisers to small businesses, we urge professional services firms to consider whether their current and previous clients could benefit from the BBRS’ service.
“If advisers know of clients with unresolved banking disputes, they should check whether they are eligible for the BBRS and steer them in our direction. We encourage SMEs to check if they qualify for our help and, if so, to register as soon as possible. If unsure, businesses can check online or contact us to find out more.”