7
Not Addressed
Business Banking Resolution Service lacks perceived independence from the financial industry
Conclusion
There is no clear evidence that the seven participating banks control the BBRS on an operational level. However, the structure and remit of the BBRS were determined with their consent. Dispute resolution must be independent, and perhaps as importantly, be seen to be independent of the financial services industry. Despite the assurances we have been given to the contrary, this does not appear to have been the case with the BBRS.
Government Response Summary
The government notes the committee's conclusion regarding the Business Banking Resolution Service's (BBRS) perceived lack of independence, and states that the BBRS will close to new registrations on 13 December 2024, with its future being a matter for the BBRS itself.
Paragraph Reference
59
Government Response
Not Addressed
Government Response
Not Addressed
HM Government
Not Addressed
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.
Source
Committee
Treasury Committee
Inquiry
SME Finance
Report
Eighth Report - SME Finance
08 May 2024
HC 27
Addressee Bodies
HM Treasury
Timeline
Recommendation age
2.1 yrs
Report published
08 May 2024