An Inside Look at Lloyds TSB Bank Plc?

Answer 1

Although Lloyds TSB Bank Plc was technically founded in 1995, the history of this important British clearing bank dates all the way back to 1765. Over the years, the bank has grown to become one of the most important lending institutions in the United Kingdom. More recently, a number of well-publicized controversies and surge in customer complaints has begun to color Lloyds TSB Bank in a much more negative light.

A Brief History Lloyds TSB Bank

When the original Lloyds Bank opened in Birmingham in 1765, it started a private bank belonging to the highly influential Taylors and Lloyds families. By the middle of the 19th century, the bank had become a public company, and the financial institution was traded under the name Lloyds Bank Limited throughout the majority of the 20th Century. In 1995, the bank acquired several other institutions and adopted the name Lloyds TSB Bank Plc.

Services Offered by Lloyds TSB Bank

Lloyds TSB Bank currently offers nearly all of the financial and banking services that citizens, businesses and nonprofit organizations throughout the United Kingdom. Lloyds TSB Bank is authorized to work in the United Kingdom as a financial institution by the country's Financial Services Authority and is a member in good standing with all of the UK's major banking institutions. Lloyds TSB Bank is provides a significant percentage of the mortgages throughout the United Kingdom through its subsidiaries.

Recent Controversies at Lloyds TSB Bank

Like most major Western banks, Lloyds TSB Banks has been ensnared in its share of domestic and international controversies in recent years. Some of the most heavily reported issues concern the alleged mistreatment of both customers and employees at the bank itself, including claims that the bank's collection service has taken advantage of a variety of loopholes and a highly publicized layoff. In both 2009 and 2010, Lloyds TSB Bank received more than twice of the annual complaints than any other UK lending institution. Other allegations against Lloyds TSB Bank claim that the institution's employees have participated in tax evasion and money laundering.