Bank communication topped list of complaints to BBRS

Bank communication — or lack of communication — was the most complained about issue from small-business owners to the Business Banking Resolution Service.

In its latest report that covers issues arising until the end of July 2022, the BBRS said it had received 837 cases, of which around 60 per cent fell into the historical scheme time span and 20 per cent into the contemporary scheme time span.

The report revealed that a core theme that emerged was that communication with and from banks was not clear.

Sally Berlin, chief adjudicator for the BBRS, said the features of SMEs, and the individuals who own them, are infinitely varied.

“Often, however, SME owners will not have a full understanding of the implications of the distinction in banking between personal and business customers,” she said.

“BBRS case numbers are relatively low, as the majority of SMEs are able to find support from the Financial Ombudsman Service.”

The issue over clarity of communication was one of the major concerns for small businesses and, according to the report, impacts all of the other issues raised by customers.

“Bank communications need to address the various legal requirements, but increased focus on making the core communication practical, useful and easily understandable, from the customer’s point-of-view would aid clarity and help to avoid misunderstandings,” the report recommended.

BBRS customers also raised the issue of effective engagement with what matters to the customer including handling of customer complaints.

Source Financial Accountant click here to read more.