Date: Tuesday 13 April 2021
Time: 10:00 – 11:00
Speaker: Stephen Kosmin
The Business Banking Resolution Scheme was launched on 15 February 2021. The BBRS has been established as an industry-funded independent dispute resolution scheme to resolve disputes between eligible businesses and participating banks. The BBRS offers an alternative to litigation for businesses that are ineligible to bring complaints to the Financial Ombudsman Service. Awards under the BBRS can be up to £600,000, with the scope to recommend the payment of even more. The BBRS will consider historical cases (from 1 December 2001 to 31 March 2019) and contemporary cases (from 1 April 2019 onwards).
The launch of the BBRS has redrawn the map for those advising small and medium sized businesses regarding banking disputes. Whilst, in terms of cost alone, bringing a complaint to the BBRS might be seen to be an attractive course, the Scheme Rules contain certain pitfalls. Stephen Kosmin’s talk will introduce the BBRS and identify key considerations when advising clients.
Stephen will address:
- What has changed with the launch of the Business Banking Resolution Scheme.
- Eligible complaints and eligible complainants.
- How complaints will be determined.
- Recoverable costs.
Stephen Kosmin has very extensive experience of financial services disputes. In particular, he has represented the Financial Ombudsman Scheme in some of its most important recent cases, including Berkeley Burke SIPP Administration Ltd v FOS, Full Circle Asset Management Ltd v FOS, and R (Chancery (UK) LLP) v FOS. Stephen also advises regularly on various other ombudsman schemes and associated jurisdictional questions.
Register in advance for this webinar:
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The webinar is free of charge.
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