Marks & Spencer Financial Services plc, trading as M&S Bank, is a retail bank operating in the United Kingdom. It was formed as the financial services division of the British retailer Marks & Spencer (M&S) in 1985, and has been operated by HSBC Bank since it was sold in 2004. The bank launched as St Michael Financial Services in 1985, using Marks & Spencer's main brand at the time. It subsequently operated under the M&S Money brand from 2003 and later adopted the M&S Bank name.
M&S Bank provides services including current accounts, savings and credit products, as well as insurance.
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History
Marks & Spencer launched St Michael Financial Services in 1985, operating its "Chargecard" store card. It was renamed Marks & Spencer Financial Services in 1988, and Marks and Spencer Unit Trust Management was established to provide unit trust funds.
The company introduced the M&S Money brand in 2003, at the time that Marks & Spencer began to introduce its "Your M&S" branding.
In 2004, as part of an effort to reduce costs and return money to shareholders, Marks & Spencer reached an agreement to sell the company to HSBC for £580 million. Under the terms of the sale, it was agreed that M&S and HSBC would share profits from M&S Money until at least 2019.
In 2012, M&S Bank began to open branches within existing Marks & Spencer retail stores.
Services
M&S Bank provides a range of banking, credit and insurance products to personal customers, and operates a number of branches within M&S stores. It also provides internet banking services. As the company is a subsidiary of HSBC, it uses the M&S brand under licence from Marks & Spencer.
M&S Bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. It subscribes to the Lending Code.
Source of the article : Wikipedia
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