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TSB Banking Group

  • Nationwide, Virgin Money and TSB rapped by Which? for leaving website and app ‘doors open’ to scammers

    Banks' online security

    Websites and apps used by customers of some of the UK’s largest banks are missing crucial security protections, potentially leaving “open doors” for scammers, consumer group Which? has claimed. Which? tested the customer-facing security systems of 13 current account providers from September to November 2022, with help from security experts at Red Maple Technologies. Account [...]

  • Record profits place TSB on course for £50m dividend but impairment charges rise on recession fears

    TSB dividend

    TSB Bank proposed a £50m payout to its parent company in the first quarter of 2023 as its yearly pretax profit increased to a record level. Pretax profit in the 2022 financial year rose to £183.5m from £157.5m in 2021, reflecting lending growth, higher interest rates and higher deposit margins. This figure includes the costs [...]

  • TSB: Quarter of fraud payment victims denied money back in new scheme as regulator urged to rethink

    PSR

    TSB is urging a regulator to reconsider proposals which could mean one in four people who are tricked into transferring money to a fraudster being denied their money back. The bank said the Payment Systems Regulator (PSR) should reconsider the plans for a new bank transfer fraud refund mechanism that would allow banks to exclude [...]

  • TSB hit with £48.7m by watchdogs over 2018 IT fiasco

    December 20, 2022

    High street lender TSB has been slapped with a £48.65m by City watchdogs today for “widespread” failings during a 2018 IT update programme, which left millions of customers without access to banking services.

  • TSB not for sale, chief of Spanish owner insists

    September 19, 2022

    The chief of Spanish bank Banco Sabadell has dismissed speculation the firm is mulling ditching UK lender TSB. Cesar Gonzalez-Bueno, chief executive of Banco Sabadell, told reporters at an event today “there is no intention to sell” TSB. The push back comes after Edi Truell, a veteran City investor, is reportedly considering setting up an [...]

  • TSB’s profits more than double as lending and spending soars

    July 28, 2022

    Edinburgh headquartered bank TSB today said its profits for the first half of the year had more than doubled, as its incomes were boosted by higher lending balances and increased card spending following the end of Covid restrictions. The bank said its statutory pre-tax profits had increased 139.9 per cent to £102.9m, as customer lending [...]

  • 4,500 TSB staff to be given £1,000 payment to weather cost-of-living crisis

    July 25, 2022

    Around 4,500 staff at TSB are to be given a £1,000 payment after the high street lender became the latest firm to announce payouts to help employees weather the cost-of-living crisis. The payment will be made to all staff at the bank earning £35,000 or less and will be made in two stages – one [...]

  • City bombshell: Hundreds of angry Northern Rock clients sue TSB Bank for £800m after being trapped in high-interest mortgages

    July 18, 2022

    City A.M. was told this morning that TSB Bank is facing a legal action worth up to £800m, brought by customers who claim they were locked into mortgages with ‘excessively high’ interest rates. Today, six years to the day since TSB bought £3.3bn mortgages from Northern Rock, approximately 200 homeowners whose mortgages have been administered [...]

  • High Street bank TSB returns to profit thanks to record mortgage lending

    January 27, 2022

    High street bank TSB has revealed it returned to profit in 2021 thanks to record mortgage lending and a bounce back in the wider economy. The Spanish-owned lender posted annual pre-tax profits of £157.5m against losses of £204.6m in 2020. It comes after TSB notched up its highest-ever gross mortgage lending at £9.2 billion for [...]

  • TSB turns down ‘£1bn merger approach’ from Co-Operative Bank

    October 24, 2021

    Co-operative Bank’s £1bn-plus offer for TSB has been rebuffed by its Spanish owners. Sabadell’s board decided to reject the offer at the end of September. The deal would have created a high street lender with 340 branches and over eight million customers, according to Sky News, which first reported the acquisition attempt. This would encompass [...]

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