View more on these topics

Brokers say TSB should focus on rates and service

TSB logo

Brokers say new bank TSB should ensure rate parity and focus on efficient service when it launches its broker arm next year. 

Lloyds Banking Group has created a new bank from the 631 branches it was forced to dispose of by the European Commission as part of the bank receiving state aid in 2008. The branches were rebranded as TSB last week, with Lloyds TSB operating under the separate Lloyds Bank brand.

TSB will initially carry out mortgage business through its branches but a spokeswoman says TSB plans to distribute mortgages through brokers in 2014.

Lloyds TSB mortgage customers have been split between the new banks based on which branch they took out their mortgage with. Higher-risk borrowers have remained with Lloyds Bank to ensure TSB has a back book at least as strong as Lloyds’.

Trinity Financial product and communications manager Aaron Strutt says: “It is important that when TSB launches through brokers it makes its direct rates available to brokers. Historically brokers had access to direct rates from Cheltenham & Gloucester and Lloyds TSB so I think it is key for TSB to offer this as well.” 

Mortgage Centre IFA director Fahim Antonaides says: “If you ask any broker what the most important aspect of a lender’s proposition is, the majority will say service. Rates are fairly competitive across the board and brokers are happy to ride the peaks and troughs associated with market rates.

“However, the most successful lenders are those who offer clear decision-making and a speedy back office service. A quick no is just as important as a quick yes.”

London & Country associate director of communications David Hollingworth says: “Expecting TSB to have a stand-alone broker option from launch would have been unrealistic but the positive here is their stated intention to launch into that market.”



Phil Billingham: There are 2 types of people (which are you?)

No, not rugby fans and all the rest. Not as important as that. Financial services is a massive business. It encompasses the Industry of managing risk and money, and the profession of giving advice. But we hear the words ‘industry and profession’ used interchangeably. So we need to know who is doing what. And actually, […]


Aviva: OFT report could ‘kill off’ pension master trusts

Aviva says the Office of Fair Trading’s report into the UK defined contribution pensions market could “kill off” commercial master trusts. The OFT yesterday published a study into the DC market which sets out serious concerns about a lack of competition, legacy charges and poor governance standards. The report also warns trustees of multi-employer master trust […]


Japan is going for gold with its economic reforms

Last week, Japan was unveiled as the venue for the 2020 Olympic Games and the announcement is the latest instalment in the ongoing good news story of Japanese economic recovery. But will Japanese economic recovery be capable of lasting the distance? The news that Tokyo is to be the Olympic venue helped to push the […]

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm