Lloyds TSB

In January 2009, Lloyds TSB Group changed its name to Lloyds Banking Group. This article is now about the brand Lloyds TSB which is still operated as part of the Lloyds Banking Group.

Lloyds TSB Bank plc

Type	Subsidiary
Industry	Banking
Founded	1995 (Lloyds Bank: 1765) (Trustee Savings Bank: 1810)
Headquarters	London, Group Headquarters Edinburgh, Registered office, United Kingdom
Key people	Sir Victor Blank, Chairman Eric Daniels, CEO
Products	Banking Investment banking Insurance
Website	lloydstsb.com

Lloyds TSB is a UK banking brand, not to be confused with former parent Lloyds TSB Group plc, which has been renamed Lloyds Banking Group.

The Lloyds TSB brand was created in 1995 by the merger of Lloyds Bank and the TSB Bank.

Services

It offers Banking and Financial Services such as:

• Personal banking
• Business Banking
• Private banking
• Corporate markets
• International banking
• Insurance (online this operates under the name Screentrade)

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.

Lloyds TSB Foundation

"The Lloyds TSB Foundation funds local, regional and national charities working to tackle disadvantage across England and Wales" (Lloyds TSB Foundation for England and Wales). Amongst other projects, this foundation is supporting work with Young Offenders in the United Kingdom.

Controversies involving Lloyds TSB

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 Jersey. Lloyds subsequently claimed that this action was an isolated incident which they were investigating.

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.

Screentrade

Screentrade is an online trading name of Lloyds TSB Insurance and also describes the internet site used for the sale of insurance products online. Screentrade.co.uk allows customers to compare and buy car insurance online.

Acquired in 2001 from software company Misys, Screentrade is the UK's longest established online insurance broker, having traded since November 1997.

The sale in 2001 included the transfer of the URLs insurance.co.uk , Screentrade.co.uk , and Screentrade.com , all of which currently remain registered to Lloyds TSB Insurance