View more on these topics

M&S adds mortgages with banking move

Marks & Spencer is to offer mortgages in its plan to set up a bank with a network of 50 branches in store over the next two years.

The first M&S branch will open next month in the flagship retail store at Marble Arch, London. M&S Bank branches will all be in stores and will be open on weekends. The move will create 500 jobs, including 400 in stores and 100 at the firm’s HQ in Chester.

The venture will be a partnership between the retailer and HSBC. M&S Bank branches will be owned by M&S but underlying profits generated by the banking business will be split evenly between M&S and HSBC.

M&S already operates financial services arm M&S Money, which is owned by HSBC and provides products such as investments, savings accounts and travel money.
M&S Bank will offer a current account from the autumn with a mortgage range at a later date.

An M&S spokeswoman declined to comment on whether M&S Bank will only be offering HSBC mortgages.

M&S Bank chief executive Colin Kersley says: “With over 25 years’ financial services experience, M&S Bank is the natural next step for M&S Money and will provide customers with a credible, alternative choice.”

Chartwell Funding managing director Robert Winfield says: “The move makes sense as M&S and HSBC are a good fit. It should give more potential borrowers access to mortgages but it is disappointing they will not be getting independent advice. I do not particularly see it as a threat, as HSBC is known for cherrypicking who it will lend to.”

Trinity Financial Group head of communications Aaron Strutt says: “This is a logical step but with M&S Bank being open longer, that may cause an issue if those longer hours are not matched by HSBC underwriters.”



HMRC to get power to demand changes to tax arrangements

The Government has set out proposals for new powers to tackle “artificial and abusive” tax avoidance that would enable HMRC to require people to change their tax arrangements. The Treasury’s consultation paper on the General Anti-Avoidance Rule says the power is designed to counter tax arrangements the “main purpose or one of the main purposes” […]

Euro MPs want to ban mortgages tied to other products

European MPs have voted to ban mortgages that are tied to other products such as savings accounts. Last week, the European monetary and economic affairs committee voted through a number of draft proposals on the European Commission’s directive. One of these stipulates that lenders will not be allowed to sell mortgage deals linked to savings […]


MPs launch stinging attack on Money Advice Service

Treasury select sub-committee members have launched a stinging attack on the Money Advice Service, accusing it of “scrambling around” for a purpose to justify its budget and being an organisation which has “lost its direction”. During the committee’s first evidence session into its inquiry into the service today, Labour MP Mudie attacked MAS for lacking […]

Out of Context

“I’m not sophisticated.”Lowland Financial managing director Graeme Mitchell. “Your addition is probably better than mine.”A HM Revenue & Customs press officer shows mathematical skills are not a key requirement to work at the tax collector. “He must be the first bishop on these benches who has come out as a former derivatives trader.”Former Chancellor Lord […]


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