Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much compensation has been paid out as a result of cases completed by the Business Banking Resolution Service.

The Business Banking Resolution Service (BBRS), which launched on 15 February 2021, offers a free, independent service which is designed to settle unresolved complaints that are not eligible for the FOS. The Government has always been clear that it welcomes the BBRS, and we continue to closely monitor its progress.

However, it is an independent non-governmental body, and this independence is vital to its role. Its credibility, authority and value to SMEs would be undermined if it were possible for the Government to intervene in its decision-making or detailed operational matters. As a result of its independence, the Government does not hold detailed information on financial awards paid out to small businesses. However, the latest BBRS reporting data is available publicly at: https://thebbrs.org/news/bbrs-reporting-data-as-of-the-close-of-business-31-january-2022/.