SOLICITORS QUALITY SPECIALIST BANKING FOR THE LEGAL SECTOR

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1 SOLICITORS QUALITY SPECIALIST BANKING FOR THE LEGAL SECTOR

2 Contents Choosing Lloyds Bank 1 Our switching service 2 Ways to bank 5 Simplifying payments and receipts 7 Business cards 10 Client money accounts 12 Finance options 13 Protecting your business 16 Personal banking 18

3 I want a bank that understands my practice Choosing Lloyds Bank Personalised, specialist support Lloyds Bank Commercial Banking provides a high quality service to solicitors. Our specialist managers in England and Wales are trained by the Law Society as Lexcel Consultants and, as well as understanding the legal sector, will work with you to understand your business and develop a comprehensive package that meets your banking needs. They and their support teams are also trained in the SRA Accounts Rules and we believe that, with us, you re choosing a bank that offers a comprehensive understanding of your profession and your business. Products and services designed to fit your needs Your relationship manager will work with you to identify the products and services that are best for your business, so you can choose the most cost-effective way to manage your finances. This may mean tailoring loan packages with different terms and payment types to meet your financial needs and fit with the tax advice you receive. Or it may mean choosing a deposit account with instant access if you regularly hold clients money, with a choice of daily, weekly or monthly statements and the facility to have interest paid into your firm s office account. 1

4 Switching banks should be simple Our switching service Once you have an open and active current account with us, depending on your eligibility, there are two services available. Current Account Switch Service We take care of everything and guarantee to complete your switch in seven working days, finishing on the day you choose. For eligibility criteria please see below*. All your incoming and outgoing payments will be transferred and guaranteed**. We ll arrange for your old bank to close your previous account and transfer any credit balance to your new Lloyds Bank account. Any payments to or from your old account will be automatically redirected or forwarded for a period of 36 months. *Eligibility A SME that: Has an annual turnover or balance sheet total that does not exceed 6.5 million. Employees fewer than 50 people. A small charity with an annual income of less than 6.5 million A small trust with a net asset value of less than 6.5 million Secured accounts are out of scope. If anything goes wrong with the switch, as soon as we are told we ll refund any interest or charges you have incurred on your old or new account as a result of a delay caused by us. This does not cover charges or interest resulting from required tasks you or your old bank do not complete. Transfer of Payment Arrangements Service You tell us which parts of the switch you want us to handle. We ll automatically transfer any payments you specify. If you require us to transfer any outstanding credit and/or debit balance from your old account, we will. We ll arrange for your old bank to close your previous account if you ask us to. ** SEPA Direct Debits cannot be cancelled or transferred for you. You will need to advise your Creditor that you wish to cancel the mandate or transfer your SEPA Direct Debit to your new account. 2

5 Personal banking Lloyds Bank can provide a comprehensive package that takes care of all your personal banking needs. If you are a law firm partner, we offer a more bespoke service, as we recognise that you have different financial requirements, reflecting your business and personal lifestyle. Our commercial personal banking managers work with law firm partners to help you achieve your financial goals. You will have access to tailor-made personal financial solutions, from flexible residential mortgages to competitive current accounts. Convenient banking We understand the demands of your profession, and want to make sure banking with us is as straightforward as possible. You ll be able to manage your account where and when it suits you, online, over the phone and via one of the largest branch networks in the UK. 3

6 I want access to my account You can take control of your banking round the clock with Online for Business

7 I need to bank where and when it suits me Ways to bank with us Internet banking Lloyds Bank Online for Business allows you to check account balances, transfer money, view statements, pay bills and manage standing orders and UK Sterling Direct Debits*. It s simple, secure and available 24 hours a day, seven days a week**. For enhanced online banking, including the management of incoming and outgoing payments and CHAPS, see page 7. Telephone banking PhoneBank for business lets you check your account balance and recent transactions or transfer money between Lloyds Bank accounts, 24/7, using our automated service. If you prefer to speak to someone, our advisers are available from 7am 8pm Monday to Friday (except Bank Holidays) and 9am 2pm on Saturdays. * SEPA Direct Debits cannot be cancelled or transferred for you. You will need to advise your creditor that you wish to cancel the mandate or transfer your SEPA Direct Debit to your account. ** Occasionally we may need to carry out essential maintenance to Online for Business, resulting in some interruption to the service. 5

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9 Helping you manage your practice more efficiently Simplifying payments and receipts Your relationship manager can talk you through our range of services to help make business more efficient. CHAPS same-day payment of funds Clearing House Automatic Payment System (CHAPS) provides a fast, reliable and secure method of guaranteeing same-day payment of cleared funds in the UK. We can make these payments for you at your instruction or you can send them direct from your offices using enhanced online banking. Enhanced online banking A comprehensive, secure online electronic banking package which enables you to: Securely monitor and control your accounts. View all your banking information when and how it suits you. Make inter-account transfers. Make Bacs, CHAPS and International payments direct from your computer. Receive notification of CHAPS receipts. Import and export information to and from your accounting software. 7

10 Setting up UK Sterling Direct Debits For some firms, setting up UK Sterling Direct Debits to debit your clients bank accounts directly is a simple, quick and effective way to put you in control, particularly where monthly or quarterly retainers have been agreed. To become an issuer of Direct Debits you need bank sponsorship speak to your relationship manager if you are interested. Through our wide range of services you can get the most out of your card payments. The flexibility of our solutions means that they can be tailored to your specific needs. From the day-to-day business of accepting cards to a range of specialised services, we adapt as your business changes and grows. Along with offering very competitive rates, the initial joining fee for Cardnet is waived for our solicitor customers. Accepting payments by card Speed up payment of your fees and eliminate the risk of returned cheques by accepting payment from your clients using plastic cards. This quick and convenient method can improve your cashflow and can be attractive for your clients too. Cardnet can help you choose the right card acceptance solution for your business. We ve been working together for years. Lloyds Bank know our business inside out. Trevor Dyer, Finance Partner Brethertons Solicitors 8

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12 I want real control of my business spending Business Debit Charge and Credit Cards We have three business cards: Business Debit Card The Business Debit Card can be used to pay for day-to-day goods and services and withdraw cash. Money is taken directly from your business current account so there are no monthly bills. By using your card rather than writing cheques, you can also save money on charges for company cheques. There are no charges for cash withdrawals when the card is used in any Lloyds Bank, Bank of Scotland or Halifax cash machine, although other providers may charge for using their machines. Charges will also apply when the card is used to obtain cash from machines overseas. For more information ask for a copy of our brochure Your account charges explained. Business Charge Card The Business Charge Card can help you control business expenses. It s a particularly useful option if you need larger credit limits or multiple cards for business partners and/or staff who need to pay for goods and services. You can apply for a card as soon as your business current account is opened. It gives you up to 36 days interest-free credit on Sterling purchases so expenses have less impact on your day-to-day cash flow. The account is then settled in full each month by UK Sterling Direct Debit, giving you one less thing to worry about. The card can also be used to obtain cash from machines and over branch counters both at home and abroad. A fee of 2.5% of the transaction value (minimum 2.50) applies. There is also a foreign exchange fee of 2.95% of the transaction value for any overseas withdrawals. 10

13 Detailed monthly statements and spending analyses enable you to monitor the expenditure on each card and to see where your business is spending its money. By using the charge card instead of writing cheques, you could also save on cheque transaction charges. There is a card fee of 32 per annum for each Business Charge Card. Business Credit Card The Business Credit Card offers a smarter and more convenient way to pay for everyday expenses. It can help you to manage cash flow, stay in control of business expenses, and could reduce your bank charges. You can enjoy up to 45 days interest-free credit on Sterling purchases as long as the balance is repaid in full by the due date on both the previous and latest statements. Flexible repayment options are available as long as the minimum monthly repayment of 5% of the outstanding balance (minimum 5) is made. Any remaining balance will incur interest at 1.358% per month. The card can also be used to obtain cash from machines and over branch counters both at home and abroad. A fee of 2.5% of the transaction value (minimum 2.50) applies. There is also a foreign exchange fee of 2.95% of the transaction value for any overseas withdrawals. There is no interest-free period on cash withdrawals. You ll receive detailed monthly statements and spending analyses to help you monitor spending in your business. There is a card fee of 32 per annum for each Business Credit Card. Cards are available to customers who have banked with Lloyds Bank for 12 months and require a business credit limit of up to 10,

14 I want my clients funds to work harder Client money accounts Maximise returns and stay compliant with SRA Account Rules with our choice of client money accounts. Client Call Account Make the most of your clients funds by depositing into your general Client Call Account. The interest can be added to your office account each month. UK Banker s Drafts earn interest from the day they reach the account, with instant access provided as standard. You have the choice of daily, weekly or monthly statements. Designated Client Account Separate accounts for straightforward reconciliation means you can manage your clients money more efficiently. With the Designated Client Account you can keep the funds of several clients separate from each other, with interest applied directly to the designated account in each case. For your convenience, each individual account can be opened and closed by fax. Interest is calculated daily and credited to clients accounts on a monthly basis. Again, instant access is provided as standard. For larger client balances, tailored rates are available. We are happy to talk to you about your deposit needs to find the right option for you and your clients. 12

15 My business needs access to additional finance Short and long-term finance options Business Loan Our Business Loans are flexible and we can offer you a variety of funding options, including fixed, variable and hedged rates. You could use a Business Loan to: Move into new premises. Refurbish your existing offices. Consolidate your existing loans. We look at each proposal on its own merits, providing a bespoke solution where possible. For example, we could help you to settle inheritance tax commitments, prior to probate being granted, where clients have appointed one or more solicitors in the firm as executors. Solicitor Equity Loan A growing practice needs to be properly capitalised, and succession planning is important in firms of all sizes. Whether you need to finance growth or bring in new partners, we could help by providing partner equity loans over periods of up to 25 years. Your specialist relationship manager will be able to discuss a loan that suits your needs. 25 years maximum term for equity loans 13

16 Overdraft An overdraft offers you the flexibility to manage the peaks and troughs of your business cashflow. Having the funds available as and when you need them helps you focus on running your firm the way you want to. Asset Finance hire purchase and leasing Asset Finance is a service provided by Lloyds Bank Commercial Finance Limited. You can use Asset Finance to purchase vehicles, office equipment or even fund your Professional Indemnity Insurance premium. Vehicle and equipment purchases are financed via Hire Purchase or Lease over periods of up to five years with the asset being used to provide security. Professional Indemnity Insurance premiums are normally financed over a maximum period of 12 months on a Commercial Loan agreement. Mortgages for your business Our mortgages can help you purchase new commercial premises or invest in residential property you may, for example, want to buy and let a flat above your premises. As with our Business Loan we offer a variety of flexible funding options. For the purchase of practice property, we will consider lending up to 100% subject to credit assessment. 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. 14

17 TWM Solicitors has had a very good working relationship with the team at Lloyds Bank for a number of years. TWM is a multi site law firm which needs responsive and efficient banking. Lloyds Bank are always easily contactable and quick to respond to our requests; we feel they understand our business. Andrew Hayes, Finance Director-Partner TWM Solicitors LLP

18 I need to be sure my business has the right cover Protecting your business Your Lloyds Bank relationship manager can help you find the cover that s right for you. If you re a practising solicitor you re required to have Professional Indemnity insurance cover and you ll need to show your relevant regulator that you have Professional Indemnity insurance in place as part of the practising certificate renewal process. Lloyds Bank Business Insurance Services Lloyds Bank Business Insurance Services are provided by Arthur J. Gallagher (UK), part of one of the largest insurance broking groups in the world. You ll receive advice tailored to your needs and competitive quotes from a panel of insurers, with immediate cover widely available if required. Specialist Insurance for Solicitors Arthur J. Gallagher s Professional Risks Team has over 20 years experience designing full service solutions for law firms. With Lexcel accredited and LLB qualified staff, they understand the legal profession and the risks you face, helping them deliver insurance solutions to support your firm. Understanding your business Arthur J. Gallagher s market relationships and extensive expertise in this area allow them to support your firm with the full range of insurances to suit your needs. Pre-Underwriting Review of your application The insurance team will guide you through completing the application process, helping to take the stress out of gathering and presenting your claims experience. They can anticipate further questions underwriters will ask, and those they should ask, to build a bigger understanding of your practice and the risks you face. This enables better management of the relationship with your chosen insurer and helps to manage premiums effectively. 16

19 The right cover at a competitive price With access to a wide range of SRA participating insurers they can find the most suitable insurer for your particular firm that fits your needs and business profile. Comprehensive support for your entire insurance programme As a law firm you may also require additional covers such as property insurance, business interruption cover, directors & officers cover. Arthur J. Gallagher are ready to meet all of your insurance and risk management needs, and can offer comprehensive insurance reviews to prevent or minimise gaps in coverage. Key Person Protection If a key individual is suddenly unavailable to work it can cost your business money. By taking out life insurance and/or critical illness cover for key people, you could receive a cash lump sum should they die or be diagnosed with a specified critical illness during the term of the plan. Partnership Protection If your business is a partnership or limited liability partnership you can face costs if a partner or member dies or suffers a critical illness. For example, if partners have invested capital, this will usually need to be repaid to their estate. We can arrange a protection plan that could provide funds to the remaining business partners required in these situations. These insurance products are subject to individual terms and conditions and some exclusions may apply. Please ask for a copy of the terms and conditions for full details. 17

20 Taking care of all your banking needs Personal banking When you talk to us about your personal banking, you ll benefit from the same high standards and bespoke approach that we take to looking after your business. Commercial Personal Banking service We offer a more bespoke banking service to law firm partners. As a Commercial Personal Banking client you will have access to a range of bank accounts and associated products and services for personal use that offer the flexibility to meet your unique financial needs. Commercial Personal Banking is about building an ongoing relationship with you, alongside your commercial relationship. You will have your own commercial personal banking manager who has the time to understand your requirements, the expertise and resources to provide relevant information for your banking needs and the commitment to work in partnership towards your continuing financial success. With Commercial Personal Banking you will have direct access to your manager and their support. You can keep in touch by phone, or letter, and meetings can be held at home, your business premises or at one of our Lloyds Bank branches. 24/7 Our Internet and phone banking service is available 24 hours a day, seven days a week. Financial guidance If you require guidance on savings and investments, we may be able to introduce you to appropriate companies in the Lloyds Banking Group. They will work with you to provide a financial strategy that could help you achieve your goals, prepare for your retirement and plan for your family s future. 18

21 Residential mortgages We can help you with your personal mortgage needs. There are a number of options available, including various fixed rates and trackers. Early repayment charges apply to some mortgages. For more information on mortgages, please see the important information on the back of this brochure. Barlow Robbins has used Lloyds Bank for more than 70 years. We deal closely with our relationship manager and have ready access to the area director. Lloyds Bank understand what we as a law firm require and they react as we expect. The relationship works. Ray Black, Partner Chief Executive Barlow Robbins LLP Life Cover We can help you to secure your family s future with a protection plan. There are two types of protection to choose from: Life Cover (level term assurance) can pay out a lump sum should you die or be diagnosed with a terminal illness before the plan ends. Critical Illness Cover (level term assurance) can pay out a lump sum if you are diagnosed with a specific critical illness before the plan ends. It can help you in repaying any debts, adapting your home or pay for a holiday to help you recuperate. These products are subject to individual terms and conditions and some exclusions may apply. Please ask for full details. Your home may be repossessed if you do not keep up repayments on your mortgage. 19

22 If you ve been turned down for finance You can ask for the decision to be reviewed SME customers have the right of appeal when a full borrowing application is declined. Check our website or speak to your Relationship Manager for details or call us on When we agree your request, if there are any conditions of sanction you are unhappy with, you can appeal them before you return the signed facility agreement, so we can independently review your case. Our appeals process is overseen and audited by the Independent External Reviewer of Appeals. Appeals for borrowing Business finance declined? You can ask for the decision to be reviewed. 20

23 Our service promise. If you experience a problem, we will always try to resolve it as quickly as possible. Please bring it to the attention of any member of staff. Our complaints procedures are published at lloydsbank.com/business/contactus. Important information Cardnet is a registered trademark of Lloyds Bank plc. PhoneBank is a registered trademark of Lloyds Bank plc. Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. Please note that data sent by is not secure and could be read by others. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No Telephone: Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number We subscribe to the Lending Code; copies of the Code can be obtained from Lloyds Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. (Please note that due to the schemes eligibility criteria not all Lloyds Bank business customers will be covered by these schemes.) Asset Finance, Hire Purchase and Leasing facilities are provided by Lloyds Bank Commercial Finance. Lloyds Bank Commercial Finance is a trading name of Lloyds Bank Commercial Finance Ltd. Registered Office: No.1, Brookhill Way, Banbury OX16 3EL. Registered in England and Wales no When using these products and services your agreement will be with a Lloyds Banking Group company whose terms and conditions will apply. Lloyds Bank Commercial Finance Limited is part of Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority for activities relating to certain types of consumer credit which are regulated under the Consumer Credit Act 1974 and by the Financial Services and Markets Act 2000 and are not deposit takers and are not regulated by the Prudential Regulation Authority. You may be referred to Lloyds Bank Private Banking Limited which may provide life assurance, pension and investment advice. Lloyds Bank Private Banking Limited. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Life assurance, pension and investment advice is provided by representatives of Lloyds Bank plc. These representatives are authorised and regulated by the Financial Conduct Authority. Lloyds Bank plc is an introducer to Arthur J. Gallagher Insurance Brokers Limited who arrange and administer Lloyds Bank Business Insurance Services and source products from a panel of insurers. The Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on the Lloyds Banking Group can be found at lloydsbankinggroup.com 21

24 I want to switch to Lloyds Bank Visit lloydsbank.com/solicitors Please contact us if you would like this information in an alternative format such as Braille, large print or audio. If you have a hearing or speech impairment you can use Text Relay (previously Typetalk) or if you would prefer to use a Textphone, please feel free to call us on (lines open 7am 8pm Monday to Friday and 9am 2pm Saturdays). M56311 (02/15)