Source · Select Committees · Treasury Committee
Recommendation 6
6
Deferred
Business Banking Resolution Service eligibility criteria and limited scope restrict effectiveness
Conclusion
The BBRS has seen a far smaller number of cases than some expected. This could be due to low demand, but is also likely to be due to the nature of the eligibility criteria attached to it, as shown by the rejection rate of cases. In the best-case scenario, the 55,000 businesses outside of the FOS’ remit would never have been fully served by the scheme, because only the seven participating banks were in scope. (Paragraph 58) 36 SME Finance
Government Response Summary
The government notes the committee's conclusions and the BBRS's decision to close, stating that further decisions about the service are a matter for the independent BBRS in discussion with relevant parties.
Government Response
Deferred
HM Government
Deferred
The Government notes the Committee’s conclusions in this area, and notes the decision that has been taken for the Business Banking Resolution Service (BBRS) to close to new registrations on 13 December 2024. Decisions regarding the future of the Business Banking Resolution Service (BBRS) are a matter for the BBRS, as an independent service, decided in discussion with participating banks and SME representatives.