30 March 2010

M&S Celebrates 25 Years Of Financial Services

• M&S Chargecard launched on 2nd April 1985, heralding the start of 25 years of financial services from M&S

M&S this week marks 25 years since the launch of the retailer’s financial services arm.

St Michael Financial Services was formed in 1985 to oversee the introduction of the M&S Chargecard, which was launched nationally in stores on 2nd April.

The card proved to be a huge hit with M&S customers and as the business grew a new headquarters was built in Chester. Today more than 1,200 staff work at the head office.

Marks & Spencer Financial Services rebranded to M&S Money in 2003 and launched the &More Credit Card – the largest ever card launch in Europe. Now more than three million people carry an M&S credit card.

The following year the company was bought by HSBC in a joint venture with Marks and Spencer plc.

Today M&S Money is a top 10 credit card company and one of the UK’s biggest travel money providers, with a growing savings business and range of insurance products.

M&S Money Chief Executive, Colin Kersley, said: “A quarter of a century in financial services is something to celebrate, particularly given the changes over recent years. We hope that our track-record of success shows our customers that M&S Money is a financial services company they can trust. 

Colin added: “M&S remains one of the most trusted brands in the UK. This trust combined with the product and market knowledge of our parent company HSBC provides tremendous scope for the development of M&S financial products.

“We will continue to respond to the needs of M&S customers as we expand our range of banking products. Our aim is to deliver a range of financial solutions that are designed around the needs of M&S shoppers.”

A history of financial services at M&S

1984:

M&S trials the Chargecard in 17 stores in Scotland.

1985:

Announcement of the formation of St Michael Financial Services and the introduction of M&S Chargecard. 270,000 applications in first three weeks.

M&S Chargecard goes live in stores.

1986:

Application for planning permission to develop 120,000 sq ft headquarters outside Chester on a 20 acres site to be known as Kings Meadow.

Millionth Chargecard account opened, making it the third largest card in the country.

1988:

Company changes name to Marks & Spencer Financial Services (MSFS). Offers the first M&S unit trust, Investment Portfolio.

1989:

Personal loans available to all customers.

1995:

Marks & Spencer Life Assurance Ltd launched, offering pensions and term assurance.

1999:

M&S ISA launched.

2000:

M&S Home Insurance and car buying plan launched.

2003:

MSFS rebrands to M&S Money.

&More Credit Card launched – the largest ever card launch in Europe.

2004:

M&S Money is bought by HSBC in a joint venture with Marks and Spencer plc. Mini Cash ISA launched, and M&S Money starts managing in-store bureaux de change.

2007:

M&S Ethical Fund and Fixed Rate Savings launched.

2008:

M&S Travel Money campaign featuring Myleene Klass.

M&S independent traveller cover launched and 37 multi-currency ATMs installed in stores.

2009:

M&S Premium Club launched.

First M&S regular savings account – Everyday Savings – launched.

2010:

M&S Flexi Cash ISA launched. Now 122 bureaux de change in M&S stores.

ENDS

For further information please call the M&S Money press office:

Simon Coughlin on 020 7992 1574
simon.coughlin@mandsmoney.com

Liz Neild on 01244 686 068
liz.a.neild@mandsmoney.com

Notes to Editors

M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc, making 2010 the company's 25th anniversary.

The company is a top-ten credit card provider and the second-largest travel money retailer in the UK.  M&S Money also offers a range of insurance cover, including home insurance and car insurance, as well as loans, savings and investment products.

In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,364 billion at 31 December 2009, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’. M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.