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The Lloyds Banking Group – Who are they?
We regularly hear them being mentioned as one of the big four UK banks alongside Barclays, HSBC and Royal Bank of Scotland, but who are the Lloyds Banking Group?
Well, as is probably obvious by the name, it’s a group of banks under one company. So let’s open the door and see who’s inside…
Lloyds and TSB
The obvious one. Lloyds in the major player in the group, and having been around since 1765, it’s also one of the oldest banks in the UK.
In 1995 Lloyds merged with TSB to form Lloyds TSB.
They remained as such until separation in late 2013, which was as a consequence of the government bailout of the troubled bank during the height of the financial crisis.
Black Horse
Black Horse is a specialist division of the Lloyds Banking Group, having previously been part of Lloyds TSB.
Black Horse provides motor, retail and asset finance to hundreds of thousands of customers every year.
Halifax and Bank of Scotland
Halifax was founded in 1853, perhaps unsurprisingly in the town of Halifax in West Yorkshire.
Bank of Scotland, the second oldest bank in the UK behind the Bank of England, started life way back in 1695.
The two historical banking giants merged in 2001 to form Halifax Bank of Scotland, which was subsequently shortened and known thereafter as HBOS.
In joining forces HBOS became the biggest provider of mortgages in the UK overnight.
iN 2008 Lloyds TSB Group made a takeover bid of HBOS, which was eventually completed in early 2009, heralding the start of the ‘Lloyds Banking Group’.
PPI scandal
Perhaps the biggest black mark on the Lloyds Banking Group card is the huge PPI mis-selling scandal.
The group is responsible for for over 40% of PPI policies sold, which is around 13.6 million of the 34 million policies sold.
The total poundage worth of PPI policies sold by Lloyds Banking Group is around £20 BILLION.
Having set aside £11.3 billion of the total £27 billion to compensate customers who’ve been mis-sold PPI, at the time of writing this, we can be sure there will, and should be future additions to this number.
Whilst there have been many other scandals we could go into, such as rigging the foreign exchange, rigging gold and metal prices, rigging LIBOR, we’re just going to look at one final one a little closer to everyones pockets.
Packaged Bank Account scandal
The next mis-selling scandal, which is almost upon us, is the Packaged Bank Account scandal.
With an estimated 10 million active Packaged Bank Accounts in the UK, and millions more that are closed, but can still be claimed against, this next scandal has the potential to be huge.
Much the same as PPI, Packaged Bank Accounts were sold to meet the needs (profit targets) of the banks, and not to suit the needs or wants of the customer.
Millions of customers have had their bank accounts ‘upgraded’ to include a monthly fee in exchange for insurance products.
Millions more were offered the bank account, and not offered a free alternative.
Do you have a claim?
Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks, allows you to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify for PPI compensation? Check here to see whether you may.
Want to know how much you may be owed? Why not try our PPI calculator.
Do you pay a monthly fee fore your bank account? Check here to see whether you may qualify for compensation.
So….how do you start your claim?
#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your claim.
#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.
Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.
So….why wait, let’s get started!
Lloyds Banking Group
