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Lloyds TSB Bank Plc is a commercial bank in the United Kingdommarker. It was established in 1995 by the merger of Lloyds Bank, established in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810. Lloyds TSB has an extensive network of branches and cash machines across England and Wales and offers 24-hour telephone and online banking services. Today it has 16 million personal customers and small business accounts. In Scotland, the bank operates as Lloyds TSB Scotland Plc. Following the acquisition of HBOS in 2008, the parent Lloyds TSB Group was renamed Lloyds Banking Group.

History

The bank can trace its roots back to 1765 with the foundation of Taylors and Lloyds in Birminghammarker. This private bank converted into a joint-stock company in 1865, becoming Lloyds Bank Limited in 1889. Most recently, in 1995, it acquired the demutualised Cheltenham and Gloucester Building Society. The first Trustee Savings Bank had been founded by the Revd. Henry Duncan of Ruthwellmarker, Dumfriesshiremarker in 1810, but it was not until 1985 that the TSB Group was incorporated under the Companies Act. The creation of the modern bank was announced in 1995 and Lloyds TSB commenced trading in 1998, after the statutory process of integration had been completed.

Lloyds' three Scottish branches were absorbed into TSB Scotland, which had remained separate to TSB Bank in England and Wales following consolidation. TSB Northern Ireland was disposed to Allied Irish Banks prior to merger in 1991 and, consequently, the bank does not have a presence in the province. TSB Channel Islands was integrated into TSB Bank in 1992. Lloyds Bank International merged into Lloyds Bank in 1986 as there was no longer any advantage in operating separately.

The Scottish Widowsmarker Fund and Life Assurance Society demutualised and was subsequently acquired by the Group in 2000.

Services

The Halifax branch of Lloyds on George Square, built 1897.
The bank offers a full range of banking and financial services. Lloyds TSB Offshore Limited, a wholly-owned subsidiary of Lloyds TSB Bank, operates branches in Jerseymarker, Guernseymarker and the Isle of Manmarker, while Lloyds TSB Bank (Gibraltar) Limited operates in Gibraltarmarker; both trade as Lloyds TSB International.

Lloyds TSB is authorised and regulated by the Financial Services Authority, a member of the Financial Ombudsman Service, the Financial Services Compensation Scheme, the Association for Payment Clearing Services and of the British Bankers' Association; it subscribes to the Banking Code and Business Banking Code. The bank uses the following series of sorting codes:—
Range Note
30 to 39 former Lloyds branches
77-00 to 77-44
77-46 to 77-99
former TSB branches
87 Lloyds TSB Scotland


Mortgages provided by Lloyds TSB Bank in England and Wales are administered by Cheltenham & Gloucester Plc; Cheltenham & Gloucester and Lloyds TSB Scotland are members of the Council of Mortgage Lenders. Conversely, C&G savings are actually investments in Lloyds TSB Bank. It was announced in 2009 that Lloyds TSB Scotland together with additional branches of Lloyds TSB in England and Wales are to be divested by Lloyds Banking Group under the Trustee Savings Bank brand, together with branches (although not the name) of Cheltenham & Gloucester. The process could take up to four years to complete.

The Lloyds TSB Foundation funds local, regional and national charities working to tackle disadvantage across England and Wales. There are separate Foundations covering Scotland, Northern Ireland and the Channel Islands.

Controversies

Mistreatment of customers

The methods used by a high-profile Lloyds TSB service (The Collections Dept., based in Southend-on-Sea, Essex, UK), whose sole purpose appears to be harassment of the bank's own customers, has been strongly criticised by consumer groups and others, as have manoeuvres allegedly designed to take advantage of legal loopholes to avoid repaying charges levied against its clients. Lloyds has also been accused of religious discrimination in connection with its overdraft charges.

Senior management team

There has been personal controversy surrounding the chairman of Lloyds TSB, Sir Victor Blank, following the involvement of lawyers in a dispute with a senior Oxford academic, as well as other concerns about the Chief Executive Officer of the bank, Eric Daniels.

Employee relations

The Lloyds Banking Group, which encompasses Lloyds TSB, has been repeatedly criticised for its failure to protect jobs, despite an unprecedented bail-out contribution of £17 billion by the UK taxpayer.

Mis-selling of 'precipice' bonds

In 2003, Lloyds TSB was fined £100,000,000 for its part in mis-selling high risk investment bonds.

Tax evasion and money laundering

In 2009, it was alleged by the BBC Panorama programme that Lloyds TSB Jersey was encouraging wealthier customers to evade paying tax. An employee of Lloyds was filmed telling a customer how several mechanisms had been found to make their transactions invisible to the UK tax authorities. This action is also in breach of Money Laundering Regulations in Jerseymarker. Lloyds subsequently claimed that this action was an isolated incident which they were investigating.

Near collapse, toxic assets and direct UK Government assistance

By September 2009 Lloyds TSB and the rival Royal Bank of Scotland had, combined, received £40 billion in direct government aid to prevent their imminent collapse. Lloyds has toxic assets totalling £260 billion.

EU Competition Law

The assistance given to Lloyds TSB has raised concerns about unfair advantage. Neelie Kroes has indicated Lloyds will need to divest large parts of its business to comply with EU regulations.

References

  1. Lloyds Bank to merge with TSB Group New York Times, 12 October 1995
  2. Lloyds TSB: Case Study The Work Foundation, January 2005
  3. Change of Company Name RNS Announcements, Lloyds TSB Group, 16 January 2009
  4. Trustee Savings Banks Act 1985 (cap. 58)
  5. Lloyds TSB Act 1998 (cap. 5)
  6. Lloyds Bank (Merger) Act 1985 (cap. 9)
  7. COMMERCIAL STREET 1. 1164 (West Side) SE 02 NE SP/147 Lloyds Bank II 2, see Images of England No. 447622 National Monuments Record, English Heritage (retrieved 23 November 2009)
  8. Proposed Alternative to GAPS/Capital Raising RNS Announcements, Lloyds Banking Group, 3 November 2009
  9. About Us Lloyds TSB Foundation for England and Wales (retrieved 3 October 2009)
  10. 1. 5028 HIGH STREET (north side) Teddington No 23. Lloyds Bank TQ 1671 23/26 II 2, see Images of England No. 205455 National Monuments Record, English Heritage (retrieved 23 November 2009)
  11. Consumer forum http://www.consumerforums.com
  12. Lloyds boss to come clean on tax, The Sunday Times, March 8, 2009. Retrieved on 10 March 2009


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