Loan Modification and Changes in Banking

Transcription

1 KNOWLEDGE SHARIAH-APPROVED BANKING FOR YOUR BUSINESS

2 Contents Banking that supports your beliefs 3 New business start-ups 4 The Switching Process 5 Relationships 7 Ways to bank 8 Additional Shariah-approved services 10 Opening your account 12 When you need extra help 13 Get more from your account 14 Financial difficulty 17 Troubleshooting 18 Help when you need it 20 Independent advice 21 Compensation arrangements 23 Our Service Promise 23 2 of 24

3 Banking that supports your beliefs Shariah-approved banking The Lloyds Bank Islamic Business Account You can have confidence when you open a business account with us that your money is being managed in a Shariah approved way. We work with you to understand how you do business, so you can achieve your objectives without compromising your beliefs. An account guided by renowned Islamic scholars In creating the Lloyds Bank Islamic Business Account, we have worked with an independent committee of internationally recognised authorities on Islamic law and finance. These members of the Lloyds Bank Shariah Committee continue to guide our Islamic banking services. Sheikh Nizam Yaquby Sheikh Nizam Yaquby is a member of the Shariah Committee for several Islamic financial institutions. He has received an MSc in Finance (Canada) and is based in Bahrain. He has been a Professor of Tafsir, Hadith and Fiqh in Bahrain since 1976 and is the author of several articles and publications on Islamic finance in English and Arabic. Mufti Muhammad Nurullah Shikder Mufti Muhammad Nurullah Shikder is a non-practising lawyer, with an LL.M in Banking and Finance Law from University College London. He studied Shariah, specialising in Fiqh at Darul Uloom Al Arabiyya Al Islamiyya, Bury, UK. His expertise is in innovative structuring and documentation relating to Sukuk, Islamic Funds, Islamic Syndications and other corporate and retail products. He is a trainer of Islamic finance courses and currently sits on the Shariah Board of several Islamic financial institutions Your Shariah-approved account Your Lloyds Bank Islamic Business Account does not pay or charge interest, so all deposits into it are maintained in a Shariah-approved way. Nor do we earn any interest on your credit balances. We don t offer an overdraft on this account. If you inadvertently make a transaction that would take your account below 1, we will return any items we can (cheques, for example) to prevent this happening. However, it is not possible to return some items as many electronic payments are sent and received instantly and cannot be recalled. If your account balance does fall below 1 or there are insufficient funds in your account to meet a payment, you may incur fees but we don t charge interest on the money you owe. You can find more details of our fees and charges in the accompanying brochure. Naturally, your Lloyds Bank Islamic Business Account also provides a flexible, responsive service for your day-to-day banking needs. This includes: Immediate access to your money. The option to make payments by Business Debit Card. A range of online banking services, enabling you to view account information and make payments online. A chequebook and paying-in book. 3 of 24

4 New business start-ups Help my new business get off to a great start Support when you need it most We ll give you banking that can make a real difference to your new business, while making sure your money is being managed in accordance with your beliefs. What you get from our Lloyds Bank Islamic Business Account Full confidence that your finances are managed in a Shariah-approved way. 18 months free day-to-day business banking to help get your business off the ground. The support of a relationship management team. Our financial support and guidance, together with a shared commitment to operating your account in accordance with Shariah law, will help ensure you get the best out of your business banking. Free banking for 18 months To give your business the foundations to succeed, we give you the first 18 months of your day-to-day business banking free. There s no charge for: Paying in or taking out cash. Paying in or issuing cheques. Standing orders and UK Sterling Direct Debits. There s no limit on the number of deposits or withdrawals and you do not need to keep a minimum balance in your account to qualify. More of the support your new business needs Day-to-day guidance from your relationship management team and support team. Easy access to your account through telephone and Internet banking. One of the UK s largest branch networks. Business Opportunity Profiles We ve produced in-depth guides to over 300 business trades, sectors and professions ranging from property maintenance to hairdressing and consultancy. You ll find business-specific information on market trends, opportunities and threats, training, regulations and other key issues. To get a free guide for your business idea, trade or sector, visit your local branch and ask to speak to a business adviser. Online business guides Our online business guides cover situations you could encounter when starting or running your business. Topics include choosing trading names, recruiting staff, raising finance and managing VAT payments. They can help you to make the right decisions and avoid mistakes. To download your free guides visit the Business help section at lloydsbank.com/business 18 months free banking for your start-up business. 4 of 24

5 The Switching Process Switching my bank should be simple Our straightforward switching service In your account opening meeting, you will be asked to confirm, from the following three options, how you would like the switching of your account to be managed. We offer six months free day-to-day business banking for customers with a turnover of up to 125k. Terms and conditions apply. Option 1 We can handle the whole switching process for you. This includes: Redirect all of your UK Sterling Direct Debits* and standing orders. Transferring your existing balance. Instructing your old bank to close your account. We will ask for your permission before contacting your current bank. Once we have this, we will instruct them to close the account, transfer any UK Sterling Direct Debits and standing orders and transfer the account balance. Option 2 You can choose to manage some of the process. You deal with your current bank directly on any stages you wish to manage and we take care of the rest. If we need to contact your current bank at any stage, we will ask your permission beforehand. Option 3 You can choose to manage all of the process. This includes: Setting up payments. Transferring your balance. Closing your account. If you have any queries at any point in the process, one of our relationship managers is always available. * 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. Free business banking includes cheques, standing orders, cash, UK Sterling Direct Debits, deposits and withdrawals. All we ask is that you operate your account in credit or within agreed limits. 5 of 24

6 The Switching Process Here s how the switching process can be managed to suit you. The Process Start Process Confirm to a relationship manager the switching date and which account opening option you have chosen. Actioned By You confirm how you would like to switch your account from the three options above. Request Payments A request will be made to your old bank for your outgoing payment list If you have chosen: Option 1: We will do this. Option 2: We will do this if you have asked us to. Option 3: You confirm this to us and we will make any changes needed. Check Payments Confirm to us that the payment list is accurate or highlight any changes we need to make. You confirm this to us and we will make any changes needed. Set Up New Payments Payments are set up, the final balance transferred or settled and your old account is closed. If you have chosen: Option 1: We will do this. Option 2: We will do this if you have asked us to. Option 3: You confirm this to us and we will make any changes needed. Confirmation We ll send you a letter to confirm your account is open. We will do this. 6 of 24

7 Relationships I need a bank that truly understands my business You ll have a highly skilled relationship team Our relationship teams could help make your business vision a reality. Support over the phone or in branch You can discuss your business banking with your relationship management team on the phone or face-to-face at your local branch. We will work with you to support your individual business needs and help you take advantage of opportunities as they arise. Call your relationship team or a business customer service adviser on Visit lloydsbank.com/business for our range of products and services, industry information, and more. Day-to-day support You ll also have the support of our team of UK-based business customer service advisers who can help with your day-to-day banking. You can call them on from 7am-8pm Monday to Friday (excluding Bank Holidays) and 9am-2pm on Saturdays. Support on hand A highly skilled relationship team is here to help. When you open your account, you ll have access to a relationship team who will support you. They re able to make decisions quickly, so you can take advantage of business opportunities as they arise. Speak to them on the phone, or arrange a face-to-face meeting in branch. 7 of 24

8 Ways to bank I want Shariah-approved, convenient ways to bank Bank how and when it suits you 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. Sign up at lloydsbank.com/business/register Text alerts Our free text alert service allows you to set up daily or weekly alerts to keep you up to date with your account balance and details of recent transactions. We can send free alerts straight to your mobile phone. Receive alerts every working day (Monday to Friday) or weekly. Check your balance as well as your last six transactions. Cancel, pause and re-start alerts at any time. Register at lloydsbank.com/business/text alerts Telephone banking For your day-to-day banking call our convenient, flexible Telephone Banking service on It is quick and easy to check your account balance and recent transactions or transfer money between your Lloyds Bank accounts using our automated service seven days a week, 365 days a year. Or speak directly to our specialist UK-based business customer service team from 7am-8pm Monday to Friday and 9am-2pm on Saturdays (excluding Bank Holidays). Get statements when it suits you Tell us how often you d like to get your bank statements and we ll arrange it. Receive them weekly, monthly, quarterly, half yearly or annually by post. Check your transactions online with Internet banking. Let us know when you d like your statements on * 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. 8 of 24

9 Ways to bank Banking locally We have relationship managers in all our local business centres and many of our branches, giving you easy access to business banking expertise. And with a large branch network, there should always be one nearby. PhoneBank for business PhoneBank for business offers a wide range of services to help you manage your money over the telephone, for example, paying bills and setting up standing orders. Cash machines You can use Lloyds Bank, Bank of Scotland or Halifax cash machines to withdraw cash, check balances and order cheque books. You can also get cash from any LINK or Visa machine anywhere in the world. Charges may apply for these withdrawals for details ask for a copy of our brochure Your Islamic Business Account Charges Explained. 24/7 Access to PhoneBank, Internet Banking and Mobile Banking services 9 of 24

10 Additional Shariah-approved services Help me run my business more effectively Choose the services that suit your business Business Debit Card Business Debit Card purchases can cost less than writing a company cheque. There is less need for petty cash, and all transactions are itemised by supplier on one statement. You can withdraw up to 700 per day at any of the one million ATMs globally, as well as at banks and bureaux de change abroad displaying the Visa sign. There are no charges for cash withdrawals when the card is used in any Lloyds Bank, Bank of Scotland or Halifax cash machine, but other providers may charge for using their machines. Charges will also apply when the card is used to make purchases or obtain cash in ATMs overseas. For more information ask for a copy of our brochure Your Islamic Business Account Charges Explained. Lloyds ClickSafe A free service giving you extra protection when you use your card online. Managing your income revenue Accepting cash, debit and credit card payments is probably the biggest part of your business s financial dealings. Our tools can help you manage it more smoothly, so you can focus on running your business. Let our cash management product specialists help you optimise the way your business transacts with everyday banking and payments, cash management and more, all backed by supporting online services. International services We know a lot about doing business in Britain and overseas. We can help with paying and receiving foreign currency through our International Moneymover Services. Use our specialist trade services to reduce risk when you re dealing with businesses you ve never met. Generally payments can be made in Sterling or foreign currency and charges can be paid by ease of the buyer, the seller or split between both parties. Reducing risks All businesses are exposed to risk it s how you manage it that counts. We ll work with you to help reduce both fiscal and unforeseen risks (e.g. fire and flooding) through our innovative, bespoke risk management solutions and Shariah compliant insurance. 10 of 24

11 Additional Shariah-approved services Franchising Our franchise team can help you to consider whether a franchise is right for you. We can also give you information on the main UK franchises, including the likely set up costs. For further information contact franchising@lloydsbanking.com Business managers Get access to our business managers in one of our local business centres or at a branch near you. depositpoint TM Make deposits quickly in branch with depositpoint TM or use deferred checking to make over the counter deposits even faster. Nightsafe Pay in money outside of banking hours at a time that is convenient to you your account will be credited the next working day. Immediate deposit machine In a hurry? Then use our immediate deposit machines to make fast cash and cheque deposits. They re available in most branches, and you can pay in up to five cheques or 50 notes per transaction quickly and efficiently using your business debit or Cashpoint card. You ll be issued with a receipt that gives a breakdown of your transaction and shows a copy of any cheques deposited. Cash is added to your account straight away and funds from cheques will be made available after a minimum of four working days. Deferred checking Avoid having to wait while we check your over-the-counter deposits. To use this service place your credit, cash and/or cheques in a sealed plastic bag and hand it in at any branch. We ll then issue you with a receipt confirming you have made the deposit. Your account will be credited by the end of the day. Bulk Schemes A secure, efficient and cost effective way to pay-in or withdraw large amounts of cash. This service is provided in conjunction with a bank authorised security carrier. For more information, please speak to your relationship team. 11 of 24

12 Opening your account I want to open an account What you ll need to do You have three ways to open an account 1. Come and talk to us. Visit any branch or business centre and we ll set up a meeting or do our best to open your account there and then. 2. Call to arrange a meeting with your local business manager. 3. Or visit lloydsbank.com/business to apply online. What you ll need We ll need to see identification like your passport or driving licence plus proof of both your home and business address, such as recent utility bills. If you can t show us one or more of these items, please call for information about other proofs of identity you can provide. Here s what you can expect when you open an account with us Who you should tell Come and talk to us. Visit any branch or business centre and we ll set up a meeting or do our best to open your account there and then. HM Revenue & Customs They will need to know if your tax position has changed or if you need to register for VAT. Home insurers They will need to know you re running a business from home. Customers, suppliers and utility providers They will need to know where to contact you. 3 working days If you asked for cheque and credit books, they should arrive within three working days. Once your account is open 5 7 working days When you get approval on a debit card, you should receive it within five to seven working days. 5 working days Your account should be open five working days after you make your application. Then you ll receive a welcome letter including your account details. 12 of 24

13 When you need extra help Who can I contact when my business needs extra help? We re available when you need us When you need answers, fast Opportunities arise and you need decisions to be made quickly. Our relationship team understand this and they ll respond as quickly as they can. Available as and when you need us From time to time you may need to speak to us about saving money or how to make your business run more effectively. If a face-to-face meeting isn t necessary you can speak directly to your relationship team over the phone to discuss the options. Simply call us on Lines are open 7am-8pm Monday to Friday and 9am-2pm Saturdays (excludes Bank Holidays). 13 of 24

14 Get more from your account I need to get the most out of my business account We can help you make the daily tasks simple and effortless Your payments going in All cheques received and written by you go through the clearing cycle, a system used by the main British banks to transfer money between accounts. This clearing cycle (see page 16) is often referred to as the process as it sets a maximum time limit of two, four or six business days for each stage of the process after paying in a cheque. This is how it works for a cheque paid in on a Monday morning... By two business days Non-Islamic accounts start to earn interest on the cheque from Wednesday. This does not apply to your Shariah-approved account, which neither charges nor pays interest. By four business days Your money will be available from Friday in your account, although the cheque could still be returned unpaid. This means you will be able to withdraw cash or make payments. Also, money will normally be available through the usual way at the ATM, on Internet Banking and to use through your debit card. By six business days By the end of the sixth business day. In this case the following Tuesday you can be certain that even if the cheque is later returned unpaid, the funds will not be debited from your account without your agreement unless you are a knowing party to fraud. This does mean that a cheque can still be taken from your account for up to six days after you pay it in even if you have already spent it. For our purposes a business day lasts from 9am to 5pm, Monday to Friday, excluding bank holidays. Cheques or cash paid in after 5pm (sometimes after 3.30pm) might not be processed until the next business day. If you have any further questions about the clearing cycle, please ask your relationship manager or your local branch. More information on all of this and how it applies across the UK banking industry can be found at Getting the most out of your card payments We can help your business take payment by credit or debit card in person, online and when the cardholder is not present. Ask about Cardnet, Lloyds Banking Group s card payment acceptance service with these additional benefits: Multiple channels for card payment acceptance Flexibility as your business grows Excellent reporting facilities including VAT reporting Support at set up and beyond. For more details call our dedicated team on from 9am 5pm, Monday to Friday. 14 of 24

15 Get more from your account 25 + If you re a small or medium sized business and need to make up to 25 payments in one batch we can arrange this. Your payments going out When we make a payment on your behalf, we ll act on your instruction when received on a business day and before our payment cut-off time which is detailed in our Payment Transactions brochure. Our bulk payments service is a simple, convenient and secure way to make regular payments such as paying staff, expenses and supplier payments. It s ideal for small and medium sized businesses that make up to 25 payments in one batch and can be done online. For larger companies, our enhanced digital service allows up to 200 payments in one batch. Standing orders are for paying out the same amount on a regular basis, such as rent or wages, and are cheaper and more efficient than paying by cheque. You can cancel a standing order immediately by using Online for Business up to the end of the business day and before your next payment date. UK Sterling Direct Debits are a cheaper, more efficient way of making regular payments and many companies offer discounts for paying this way. You can cancel most Direct Debits and standing orders immediately online, up to the end of the business day and before your next payment date*. Recurring transactions are regular payments and also known as continuous payments. They are set up directly with the retailer and made with your Business Debit or Charge Card to pay for expected outgoings such as magazine subscriptions but are not protected by the UK Sterling Direct Debit guarantee scheme. To cancel a recurring transaction it s best to let the person you re paying know and give them enough notice to be able to cancel payments or to arrange an alternative payment method. You can also let us know and we will advise them that you don t want to make any further payments. Withdrawing cash Write CASH on the pay line of a cheque and hand it over the counter of any Lloyds Bank branch if it s not your branch, you ll be asked for your card or another form of identification. There s a limit to how much you can take out in one day, but you can usually withdraw more by agreeing it with us in advance. If you cash a cheque at any Lloyds Bank branch before 5pm, the money will leave your account that day. You also have access to Lloyds Bank, Bank of Scotland or Halifax cash machines where you can check balances, order chequebooks and, of course, withdraw cash. Faster Payments is a payment service which lets you make and receive sterling payments within the UK in a matter of hours, and often minutes. Payments made through Telephone Banking and any Internet Banking payments which are over the limit for sameday, will be processed overnight and will reach the recipient s bank the business day after the payment instruction was received by us. Details of same-day payment limits within Internet banking will be available to you at the time you make the transaction. You can go online to check that the sort code you are sending a payment to can receive Faster Payments, BACS Credits and CHAPS Payments. CHAPS is an electronic, bank-to-bank payment system that guarantees same business day payment of cleared funds in the UK, providing the funds are released before 3pm. To find out more or to check a sort code go to the payments transaction section of our website at lloydsbank.com/business * 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. 15 of 24

16 Get more from your account Cheques Stopping a cheque If you need to stop payment of a cheque, call us first on and confirm your request in writing. You ll need to add details of any replacement cheque that you ve written. This must be done before the cheque is presented for payment. To stop a cheque, we need to know: The cheque number. The amount. The date it was issued. Who it was made payable to. To find out the cost of stopping a cheque, please see our Your Islamic Business Account Charges brochure. Remember, stopping a cheque doesn t cancel your legal obligation to pay for goods or services. Payments by cheque. Most cheques will clear according to the cheque clearing process as detailed below, but please be aware that if another Lloyds Bank customer pays in one of your cheques at a Lloyds Bank branch, the money could leave your account on the same day. Returned cheques If there s not enough money in your account to cover a cheque you ve written, it may be returned unpaid. Should this happen, we ll notify you within two business days and let you know how much you ll be charged. Out-of-date cheques Banks used to treat cheques more than six months old as out of date. Nowadays they only tend to do this with very high value cheques. But it can still happen, so if you have a cheque that is more than six months old, it s worth asking the person who wrote it to issue a new one and destroy or return the original. The cheque clearing process Day 6 The funds from a returned cheque will not be debited. You can be certain that even if the cheque is later returned unpaid, the funds will not be debited from your account without your agreement unless you are a knowing party to fraud. 6 days Day 1 Your cheque payment goes in. Day 2 Cheques paid into non Islamic accounts begin earning interest; the Shariah-approved Islamic Business Account neither charges nor pays interest. Day 4 Your money will be available. If you have any questions about the cheque clearing process, please ask your relationship team or your local branch. More information about how the clearing cycle works across UK banks can be found at 16 of 24

17 Financial difficulty Coping with financial difficulties You ll usually spot problems first and should let us know as soon as possible. If we become aware of problems, we ll let you know in writing. If speed seems to be important, we may try to contact you by phone, fax or (please remember we cannot guarantee security of messages sent by ). This list gives a few examples of what may concern us, particularly if you do not explain what is happening: If you go overdrawn without our agreement. If there are large increases or decreases in your business turnover. If you are trading at a loss. If you suddenly lose a key customer or employee. If you sell a large part of your business. If you use a facility for purposes other than those agreed with us. If you fail to make a loan payment. If you do not keep to conditions set out in the loan agreement. If you do not supply agreed monitoring information on time. If another creditor brings a winding-up petition or other legal action against your business. We ll do all that we can to help you overcome any difficulties. We ll develop a plan with you for dealing with your financial difficulties and we ll confirm in writing, what we have agreed. We follow the Lending Code which includes details of how we can best work together to deal with problems of financial difficulty. A copy of the Lending Code can be downloaded from the Lending Standards Board at: or our website lloydsbank.com/businesslendingsupport We consider all cases of financial difficulty sympathetically and positively 17 of 24

18 Troubleshooting I want to make sure my account runs smoothly Stay secure and up-to-date Can t access your Internet banking account Internet banking is a great tool but if you can t access your account go to the Internet banking logon screen and click the Unable to log on? button. Complete the online form, click Continue, then follow the on-screen instructions to get back online please make a note of any reference number we give you. You may be required to complete a form and return it to us. We will confirm your identity prior to your Internet banking account being reset. Changes to your business If any of your company details change (for example, a new address, change in business type, change of name etc.), please tell us. Just call or talk to your relationship manager. Forgotten your PIN It needs to be protected but it s easily forgotten too. Don t worry if you have, just call us on or go in to your local branch and we ll issue you with a new one. If you ve lost a card, call customer card services immediately on or if you re calling from abroad, call And when you do get your PIN, remember not to write it down for security reasons. Also, we will never send you an asking you to reveal it. Account aggregation View some, or all, of the online accounts you hold with several different banking or finance providers. We don t offer this service ourselves so please be aware that if you do use an external account aggregation service, you may be liable for any fraud or mistakes that occur as a result. Your personal and business information This information (including your name and address) is kept private and confidential, even if you re no longer a customer. It isn t disclosed to anyone outside Lloyds Banking Group* except in the following cases: If we re legally obliged to provide information. If we have a public duty to reveal information. If it is needed by our agents or others involved in running accounts and services for you or your business. If we or others need to investigate or prevent crime. If our interests are threatened where we suspect fraud, for example. This will not be used as an excuse for revealing information about you or your accounts to anyone, including other companies in our group for marketing purposes. If you ask us to reveal the information, or if we have your or the business s written permission. If we re asked to answer a query about your financial status, we ll make sure we have your written permission before responding. * 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 18 of 24

19 Troubleshooting Extra security There are a few other precautions you need to take to protect your account. Regularly check your inbox for scams, never click on them and call us if you are suspicious. Be aware of calls from fraudsters, purporting to be from Lloyds Bank, or other official institutions. Don t tell anyone your account details or your PIN. Always keep your cheque book and card separate. Don t recognise a transaction on your account? Call our team of business customer service advisers immediately with the transaction details on and we ll look into the item on your behalf. We may require you to sign a declaration form disclaiming your knowledge of the transaction(s) and we might block your account number for security purposes in cases where there is suspected unauthorised or fraudulent use of your account. Lost and stolen business cards and cheques If your cheque book or any cards are stolen or passwords and any other secure information becomes known to others, please notify us immediately or you may be liable to cover the costs. In some circumstances you may not have to pay anything, however, if you have acted fraudulently or without all reasonable care, you will be responsible to cover all the losses in your account. 19 of 24

20 Help when you need it If you need to make a complaint Putting things right If something goes wrong Help us by having the following information to hand when you call: All relevant bank details account number, sort code, card, policy or investment number. Photocopies of any supporting paperwork, keeping the originals for your own records. How to make a complaint If you are unhappy with something we ve done and would like to make a complaint: Make sure your usual contact at the bank knows about your complaint and tell them how you think it could be resolved. We ll respond to you, usually within five business days. Or you can call our Commercial Telephone Banking Centre on am 8pm Monday to Friday or 9am 2pm Saturdays (excluding Bank Holidays). To call us from outside the UK call You can also call us on Textphone Alternatively, you can raise your complaint with Customer Services. Write to The Manager, Lloyds Bank, Customer Services, Correspondence Centre BX1 1LT. Taking your complaint further Customers that are charities and have an annual income of less than 1 million may be eligible to take their complaint to the Financial Ombudsman Service. Customers that are microenterprises with a group annual turnover or balance sheet of up to 2 million (Sterling equivalent) and who have fewer than 10 employees may also be eligible to take their complaint to the Financial Ombudsman Service. If you have a complaint and we haven t issued our response within eight weeks from the date you first raised your complaint, or if you re dissatisfied with our response, you can ask the Financial Ombudsman Service for an independent review. The Financial Ombudsman Service will only consider your complaint once you ve tried to resolve it with us, so please take up your concerns with us first and we ll do all we can to help. Write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR. Or you can call on: Calls to this number are normally free for people ringing from a fixed line phone but charges may apply if you call from a mobile phone Calls to this number are charged at the same rate as 01 or 02 numbers on mobile phone tariffs. These numbers may not be available from outside the UK so from abroad call on For further information visit the Financial Ombudsman Service website at The Financial Services & Markets Act 2000 sets out timescales for dealing with such complaints. To reduce inconvenience to you, we aim to reduce those timescales wherever possible. Changing your mind When you open a new account we will inform you of any right to cancel. If you do want to cancel, please write to us at 1 City Road East, Manchester M15 4PU within 14 days of receiving our letter and we will be happy to cancel the account. Any requests for payment we receive after you exercise your right to cancel will be returned and products or services which require this account to operate will also be cancelled. We will repay to you any credit balance in your account. You will be required to pay any charges for day-to-day banking or other services that you may incur before we receive your request to cancel the account and we will deduct these charges from the monies we return to you. If your account is overdrawn you must repay the outstanding balance together with any charges that you owe us within 30 days of exercising your right to cancel. Where possible we will help you find an account from our range which better suits your needs. The right to cancel does not affect your ongoing right to close the account as set out in the terms and conditions. 20 of 24

21 Independent advice Where can I get more support? Support Groups and regulators You can get help from business support organisations and regulatory bodies, some of which are listed here. If you ask us to, we ll work with your advisers. British Chambers of Commerce While each regional chamber will be slightly different, they usually provide excellent networking opportunities, advice and training. They are particularly helpful if you re thinking of trading overseas Business Debtline Business Debtline is a registered charity that provides a free telephone debt counselling service for the self-employed and small businesses facing financial hardship. Advice is free, independent and confidential British Franchise Association This should be your first stop if you are considering a franchise business Business Link Business Link is the government s online resource for businesses. It is now enhanced with new easy-to-use tools to help you start up, improve and grow your business. Companies House Companies House can give you help and advise on company registrations, directors responsibilities, limited liability partnerships and filing your accounts Federation of Small Businesses The largest campaigning pressure group promoting and protecting the interests of the self-employed and owners of small firms. Member benefits include business assistance, advice and support 24 hours a day Financial Conduct Authority The FCA regulates most financial services markets, exchanges and firms. It sets the standards that they must meet and can take action against firms that fail to meet the required standards. The FCA is independent of Government and funded entirely by the firms it regulates Forum of Private Business A UK-based membership organisation that provides information, advice and guidance for small businesses Insolvency Service Provides detailed, practical information on how to deal with insolvency The Institute of Directors The IoD is dedicated to giving directors the information and advice they require to help their business succeed. They champion the entrepreneur and seek to provide an environment conducive to business success of 24

22 Independent advice HM Revenue and Customs Provides an excellent helpline for those starting in business, including details of how to register as self-employed and information on National Insurance, PAYE and VAT Money Advice Scotland This representative body can put you in touch with groups providing free, impartial and confidential money advice in Scotland National Enterprise Network A network of independent, not for profit local agencies, committed to responding to the needs of small and growing businesses. Local Enterprise Agencies provide advice, information, counselling and training on a comprehensive range of business issues Patent Office Can help with any questions you have on intellectual property in the UK, including copyright, designs, patents and trademarks The Prince s Trust Provides practical support including training, mentoring and financial assistance to year-olds who are starting up in business You can find more information about business accounts on the British Bankers Association website at The service is called Business Account Finder. 22 of 24

23 Compensation arrangements Important information about compensation arrangements We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors including most individuals and small businesses are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to 85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be 85,000 each (making a total of 170,000). The 85,000 limit relates to the combined amount in all the eligible depositor s accounts with the bank including their share of any joint account, and not to each separate account. For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please contact your firm representative, ask at your local branch, refer to the FSCS website or call the FSCS on or Please note only compensation related queries should be directed to the FSCS. Deposits with us are held with Lloyds Bank plc. An eligible depositor s 85,000 limit relates to the combined amount in all accounts with Lloyds Bank plc. Accounts with Lloyds Bank plc include accounts in all its dvisions and under trading names: C & G Savings, Lloyds Bank, Lloyds Bank Agriculture, Lloyds Bank Commercial Banking, Lloyds Bank Private Banking and Worldwide Service. If you are unsure whether your account is held with Lloyds Bank plc, please check your account literature. 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 23 of 24

24 I want to open an account Go to lloydsbank.com/business Call us on Lines are open 7am 8pm Monday to Friday and 9am 2pm Saturdays. Visit your local branch Please contact us if you d 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). Important information Your call 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. 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. Licensed under the Consumer Credit Act 1974 under licence 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 Commercial Banking customers will be covered by these schemes.) Lloyds Bank plc act as agents for Lloyds Bank Insurance Services Limited, Registered in England and Wales, Registered Office: 25 Gresham Street, London EC2V 7HN who act as introducers to Allianz Insurance plc for Essential Business Insurance, which is arranged, administered and underwritten by Allianz Insurance plc, Registered Office: 57 Ladymead, Guildford, Surrey GU1 1DB. Registered in England No Lloyds Bank plc and Allianz Insurance plc are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Lloyds Bank Insurance Services Limited is authorised and regulated by the Financial Conduct Authority. Lloyds Bank Insurance Services Limited is not part of the Allianz (UK) Group. Lloyds Bank ClickSafe is a registered trademark of Lloyds Bank plc. Cashpoint is a registered trademark of Lloyds Bank plc. Cardnet is a registered trademark of Lloyds Bank plc. depositpoint is a registered trademark of Lloyds Bank plc. M57190_ISL (09/13)