Rather confusingly, different banking institutions operate under a number of brands so it is important to identify whether all brands are separately registered with the FSA, or whether a single registration covers the whole group. It’s worth noting that FSCS compensation applies per institution, so if you have more than £85,000 invested with any one bank or building society it is sensible to spread the investment between different providers. Following changes to European legislation, in January 2011 the FSCS deposit compensation threshold increased to €100,000 or around £85,000 providing further protection to UK depositors. FSCS Compensation SchemeĪll UK banks and building societies are registered with the Financial Services Authority (FSA) and if the firm is regulated all deposits are protected by the Financial Services Compensation Scheme (FSCS). Please note that this Bank Directory does not include foreign owned banks or financial institutions. TSB is using the LloydsTSB Scotland banking licence, which is separate from the main Lloyds Banking Group licences, which means customers will be fully protected if they have up to £85,000 of savings tied up in TSB and £85,000 with another Lloyds Banking Group brand such as Halifax.The tables below show a comprehensive list of UK banks and building societies and their license holders, which can be different to bank ownership. Richard Lloyd, executive director of consumer organisation Which?, said: "The current account market desperately needs more competition, and TSB has a golden opportunity to offer something different to attract new customers." "They either need to come up with something that is different/innovative, or build a good reputation for customer service," Hagger said. Andrew Hagger at personal finance website Mone圜omms said that if TSB was going to carry on offering existing products, "I don't think they are going to make massive inroads into their competitors' slice of the market". TSB will offer a version of the LloydsTSB Classic account that pays 1.5% in-credit interest from £1, 2% from £1,000, and 3% from £3,000 to £5,000, provided the customer opts in. Plans are not yet finalised and we will look to update on this in due course," said a TSB spokeswoman, adding: "It is likely that interest rates will remain aligned between TSB and Lloyds for a period of time after launch to simplify things for customers who might want to 'stay' with Lloyds, or 'go' to TSB." "Over time, TSB will look to offer its own products. But some personal finance experts are sceptical as to whether TSB will make a big impact on the market as to start with, TSB's current account and other products will simply "mirror" LloydsTSB's offerings. It is also unencumbered by mis-selling claims. Lloyds chief executive, António Horta-Osório, has said TSB will be a "real challenger on the high street", describing it as a "completely clean" bank, untainted by the turbulence that at times threatened to overwhelm the financial sector in recent years. The TSB is being unveiled a week before an industry-wide current account switching service is launched to reduce the hassle of moving a bank account. The 631 branches were scheduled to be sold to the Co-operative Bank but the collapse of that deal earlier this year means it is likely the TSB network will be floated on the stock market as a separate bank. It has pledged to turn TSB back to its heritage as a "local" bank. Lloyds has been forced to split off and rebrand the TSB branches by the EU as a result of the £20bn of taxpayer money pumped into the bank during the 2008 bailouts. The TSB branch rebranding started last night and will be complete by Wednesday evening. Lloyds' new look – it has retained the iconic black horse – will not be made public until 23 September, though about 100 branches will display the new signage from this morning. The remaining 1,300 LloydsTSB branches will be rebranded as Lloyds Bank. Around 8,500 staff are also being switched to the new bank, with £30m spent on branding and advertising. More than 4.6m Lloyds customers have been transferred to the 631 branches being rebranded as TSB. Both "new" banks are being backed with multimillion-pound marketing campaigns The 39% taxpayer-owned Lloyds Banking Group will also have a new image after the spin off.
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