M&S Bank

Marks & Spencer Financial Services plc
Industry Finance and Insurance
Founded 1985
Headquarters Kings Meadow,
Key people
Denise Holt, Chairman and Non-executive director
Sue Fox, Chief executive
Products Financial services
Parent HSBC Bank plc
Website bank.marksandspencer.com]

Marks & Spencer Financial Services plc, trading as M&S Bank, is a retail bank operating in the United Kingdom. It was formed as the financial services division of the British retailer Marks & Spencer (M&S) in 1985, and has been operated by HSBC Bank since it was sold in 2004. The bank launched as St Michael Financial Services in 1985, using Marks & Spencer's main brand at the time. It subsequently operated under the M&S Money brand from 2003 and later adopted the M&S Bank name.

M&S Bank provides services including current accounts, savings and credit products, as well as insurance.


Marks & Spencer launched St Michael Financial Services in 1985, operating its "Chargecard" store card. It was renamed Marks & Spencer Financial Services in 1988, and Marks and Spencer Unit Trust Management was established to provide unit trust funds.[1]

The company introduced the M&S Money brand in 2003, at the time that Marks & Spencer began to introduce its "Your M&S" branding.

In 2004, as part of an effort to reduce costs and return money to shareholders,[2] Marks & Spencer reached an agreement to sell the company to HSBC for £580 million. Under the terms of the sale, it was agreed that M&S and HSBC would share profits from M&S Money until at least 2019.[3]

In 2012, Marks & Spencer began to open branches within its existing retail stores.[4]


M&S Bank provides a range of banking, credit and insurance products to personal customers, and operates a number of branches within M&S stores. It also provides internet banking services. As the company is a subsidiary of HSBC, it uses the M&S brand under licence from Marks & Spencer.[5]

M&S Bank is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. It subscribes to the Lending Code.[6]


  1. "Our history". Marks & Spencer Financial Services plc. Retrieved 19 January 2015.
  2. "M&S sets out fightback strategy". BBC News Online. 12 July 2004. Retrieved 19 January 2015.
  3. Cave, Andrew (13 October 2012). "The Sunday Interview: Colin Kersley, chief of M&S Bank". The Telegraph. Retrieved 19 January 2015.
  4. Goff, Sharlene; Thompson, Jennifer; Jenkins, Patrick (8 June 2012). "M&S to launch bank with HSBC". Financial Times. Retrieved 19 January 2015.
  5. "Legal information". Marks & Spencer Financial Services plc. Retrieved 19 January 2015.
  6. "Subscribers". Lending Standards Board. Retrieved 5 November 2015.

External links

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