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Independent service quality survey results
Business Current Accounts
Published August 2020
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 customers of the 14 largest business current account providers if they would recommend their provider to other small and medium-sized enterprises (SMEs*). The results represent the view of customers who took part in the survey.
Overall service quality
We asked customers how likely they would be to recommend their business current account provider to other SMEs.
Ranking
The requirement to publish the Financial Conduct Authority Service Quality Information for business current accounts can be found here
Financial Services Compensation Scheme
Business Banking Resolution Service
The Business Banking Resolution Service (BBRS) is an independent organisation set up voluntarily by participating banks to resolve historical and current disputes between eligible SME businesses and their bank.
The service is free to use and is available to business customers who have unresolved disputes with participating banks and are not eligible for the Financial Ombudsman Service.
If you are interested in finding out more information or using the service, please visit the BBRS website or email contactus@thebbrs.org or call 0345 646 8825. Alternatively, you can write to the BBRS, 70 Fleet St, London EC4Y 1EU.
We work hard to keep your personal and business data secure, which includes regularly reviewing our privacy notice. When there’s an important change we’ll remind you to take a look and share it with anyone within your business who might need to know. This is so you’re aware of how we use your data and what your options are. Please review the latest privacy notice.
ANY PROPERTY GIVEN AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT.
All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.
1The representative APR is an illustration of the rate that the majority of customers will receive. If a loan is described as having a particular representative APR, then we expect to offer that rate or better to at least 51% of the applicants we accept. Other customers may get a different rate based on their individual circumstances.
Our representative APR applies to all unsecured loans with a borrowing amount of up to £25,000 for businesses with a turnover of up to £25 million. This figure is not necessarily the rate you will be receiving and is for illustrative purposes only.
2EAR stands for equivalent annual rate. It is the rate you would pay if you go overdrawn to the full limit of your facility for the entire year. It takes into account the interest rate you are charged as a result and how often it’s charged – in this case interest is calculated daily and charged monthly. It then takes into account the effect of compounding – charging interest on interest – on your debt. Charges for unarranged overdrafts are charged separately.
3The representative EAR is an illustration of the rate that the majority of customers will receive. If an overdraft is described as having a particular representative EAR then we expect to offer that rate or better to at least 51% of the applicants we accept. Other customers may get a different rate based on their individual circumstances.
Our representative EAR applies to all unsecured overdrafts with a borrowing amount of up to £25,000 for businesses with a turnover of up to £25 million. This figure is not necessarily the rate you will be receiving and is for illustrative purposes only.
*SMEs include businesses, clubs, charities and societies with an annual turnover/income of up to £25m (exclusive of VAT and other turnover-related taxes).
Important legal information
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc, Lloyds Bank Corporate Markets plc and Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH.
Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is a wholly-owned subsidiary of Lloyds Bank Corporate Markets plc. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH has its registered office at Thurn-und-Taxis Platz 6, 60313 Frankfurt, Germany. The company is registered with the Amtsgericht Frankfurt am Main, HRB 111650. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht.
We adhere to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.