HUNDREDS of users are reporting issues with Lloyds Bank, Halifax and Bank of Scotland this morning.

The main issue appears to be with access to online banking, with more than 60 per cent of customers having problems , according to Downdetector.

A further 34 per cent of people have reported problems with logging into mobile banking services, with

Users have also been locked out of mobile banking services at Halifax and Bank of Scotland, according to the website.

In a statement on X, Lloyds Bank said: “We know some customers are having issues with Internet Banking and Mobile Banking. We’re sorry about this and we’re working to have everything back to normal.”

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Tavistock has announced the sale of two subsidiary businesses, Tavistock Partners Limited (TPL) and Tavistock Partners (UK) Limited (TPUK), to Saltus Partnership Holdings for up to £37.75m.

The deal, revealed this morning (1 October), is subject to shareholder approval and requires ‘change of control’ clearance from the Financial Conduct Authority (FCA).

It includes Tavistock’s Abacus and Duchy brands, boosting Saltus’s assets under advice and management to over £7bn and increasing its team to more than 300.

This acquisition contributes £2.4bn in assets under advice, 140 advisers and 95 additional staff.

Mal Harper, the current managing director of Abacus Associates Financial Services, will continue to lead the business, reporting to Saltus managing partner Jon Macintosh.

The acquired units will operate as a separate business within Saltus.

The transaction, expected to complete this autumn, marks a significant milestone for Saltus as it enhances its offering for a broader range of clients and partners.

For Tavistock, the agreed cash consideration represents a premium of 211% on its market capitalisation as of market close on 30 September 2024.

Tavistock has indicated it has “no plans” to return any of the proceeds to shareholders, opting instead to use the funds for “working capital purposes,” which may include potential future acquisitions.

The company is also seeking approval from shareholders to authorise a buyback of ordinary shares over the next five years, utilising part of the cash injection for this purpose.

More than 30% of shareholders have already expressed support for both the asset sale and the proposed share buyback.

Tavistock ‘transformed’ by sale of wealth arm to Titan

Commenting on the overall deal, Macintosh said: “We are delighted to welcome Mal and his team on board. We are impressed by the record of growth Mal has achieved and the quality of care he and his colleagues provide to their clients.

“Abacus is already an important client for Saltus; we have been looking after some of Abacus clients’ investments for some time. We have been helping to turn around the performance of their in-house investment management proposition and we have got to know each other well.

“Saltus enjoys the highest rate of organic growth in the industry, driven in part by a very strong sales and marketing operation, which the Abacus business will benefit from.

“Moreover, the combined business will benefit substantially from having access to the investments we have made at Saltus, particularly in our platform and our client and adviser facing technology.”

Brian Raven, Tavistock’s chief executive, said: “We have worked with Mal and his businesses since 2014, so it was important for us to find the best home for him, his advisers and his staff. We believe that is Saltus. Our two businesses may now be moving in different directions, but we wish Mal and his team all the very best for the future.”

Malcolm Harper, managing director of Abacus Associates Financial Services, said: “We have been impressed by the quality of Saltus and what Jon and the team have achieved and the professionalism and quality of the Saltus operation. Abacus and our associated operations fit neatly into the Saltus mould and will do much to extend the company’s footprint.

“There is plenty more scope for development and investment to come across the entirety of the business and there is much to be gained from applying Saltus technology across our activities. It’s a great cultural fit and our people, partners and clients will be very happy at Saltus. I am thrilled to be joining.”

HALIFAX’s and Llyods online banking app has gone down leaving customers unable to transfer money.

Both lenders are owned by Lloyds Banking Group and have millions of customers between them.

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A combined total of 5,000 customers have flagged the issue on Downdector, with nearly all the reports related to online banking.

The pair have been facing complaints on X, formally known as Twitter.

Taking to social media this morning one Halifax customer said: “Why can’t I transfer money out of any of my savings pots?”.

While another said that the app was down and their balance was showing up as £0.

The high street lender has responded to customers’ queries and said it working to resolve the issue.

Halifax said: “We know some customers are having issues with Internet Banking and Mobile Banking.

“We’re sorry about this, and we’re working to have it back to normal soon. We appreciate your patience”.

The bank faced a similar issue last month.

Meanwhile, customers at Lloyds have also made complaints.

One user said: “I cannot view transactions in my new Lloyds app even previous months’ data is not visible.”

The bank also said it was working to have the service “back to normal soon”.

The Sun has approached both parties for comment.

Around 19million people use Lloyds Group online banking and the service has become increasingly popular as lenders shut their physical branches.

Just last month it was confirmed that a total of 32 Halifax branches and 19 Lloyds branches will shut their doors in 2025.

This latest round of closures means that 128 Lloyds branches will close in total this year and next, as well as 119 Halifax sites.

The firm has slashed its portfolio of in-person sites as youngsters favour digital banking.

Can I claim compensation for an outage?

Banks aren’t obliged to pay compensation to customers if there’s been an outage or if they’ve experienced technical issues.

But you might be entitled to some money back depending on how much the disruption affected you.

You’ll have to present evidence of how the outage negatively impacted you, including any extra costs incurred through late payment fees for instance.

You should make a note of when you were unable to access the services and the names of the people you spoke to at the bank that suffered the outage.

You can find more details about how to complain to Lloyds or Halifax on its website.

If your bank doesn’t resolve your complaint, you can take your case to the Financial Ombudsman Service.

It is an independent body which will resolve any issues based on what it thinks is “fair and reasonable” depending on the circumstances of the case.

The service can resolve your issue over the phone, by email or post depending on what best suits you.

In the case of an IT system outage at a bank, the FOS says any compensation you may receive will be dependent on your circumstances and whether you lost any money as a result.

If it finds the bank was at fault, you may see any fees, charges or fines reimbursed.

Good morning and welcome to your Morning Briefing for Tuesday 1 October 2024. To get this in your inbox every morning click here.

Tavistock sells two subsidiaries to Saltus in £37.75m deal

Tavistock has announced the sale of two subsidiary businesses, Tavistock Partners Limited (TPL) and Tavistock Partners (UK) Limited (TPUK), to Saltus Partnership Holdings for up to £37.75m.

The deal, revealed this morning (1 October), is subject to shareholder approval and requires ‘change of control’ clearance from the Financial Conduct Authority (FCA).

It includes Tavistock’s Abacus and Duchy brands, boosting Saltus’s assets under advice and management to over £7bn and increasing its team to more than 300.

eToro teams up with ARK Invest to launch new portfolio

eToro has partnered with investment management firm ARK Invest to launch a new technology and innovation-focused portfolio, ARK-FutureFirst, on its platform.

The Smart Portfolio allows eToro users to invest in pioneering companies across sectors such as technology, healthcare and sustainability, aiming for high growth while tackling global challenges.

Raven partners with Aspen to enhance investment portfolio offerings

Boutique investment bank and management consultancy Raven has announced a new strategic partnership between its Raven Wealth Planning service line and premium investment management firm Aspen Advisers.

Through the collaboration, Raven Wealth Planning will integrate the Aspen portfolio range into its full suite of service offerings.

This strategic partnership reflects Raven’s “ongoing commitment” to enhancing the value and quality of services provided through its Raven Wealth Planning service line.

Quote Of The Day

This only highlights what we have been saying for some time – without urgent support for households facing unaffordable arrears, energy debt will only rise further

– Steve Vaid, chief executive of the Money Advice Trust, responds to the rise in UK energy bills by £149 a year

In Other News

GSB is seeking approval from the Swiss Financial Market Supervisory Authority (FINMA) to establish a wealth management operation in Geneva.

Once the licence is granted, GSB Switzerland SA will offer independent private banking, wealth planning, and private finance services to high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), as well as families and businesses.

The new Swiss entity aims to attract clients with multi-jurisdictional financial needs who are seeking exposure to Switzerland’s stable financial environment.

This move will allow GSB to expand its boutique private banking services and cater to its existing international clients more effectively.

In preparation for the launch, GSB has appointed Russell Hunter, formerly of Schroders Private Bank, to lead the External Asset Management (EAM) team.

Hunter has extensive experience in private banking, having held senior roles at Coutts and Barclays Wealth.

Additionally, GSB has hired Béatrice Kofmehl Hofer as private client manager, bringing over 20 years of expertise from Schroders, Lloyds Bank and UBS.

Alison Whatnall, GSB’s chief operating officer, said the move would strengthen the company’s presence in Switzerland, a key market for wealth management, and expand its offerings to global clients.

Optimism in UK economy sinks to lowest level since Truss fallout (Bloomberg)

Fear of a Soviet-style collapse keeps Xi Jinping up at night (The Economist)

Fed sees no ‘hurry’ to cut rates as confidence in economy grows (Reuters)

Did You See?

I don’t mind admitting I turn 50 next year, writes Kevin Carr, managing director at Carr Consulting and Communications and chief executive at Protection Review.

The big 5-0 has also brought around a review of our business protection, which recently resulted in a phone call to go through a new application for life cover, something I’ve not done for a very long time.

With hindsight, I’m not sure what I was expecting. I perhaps assumed the process may have become a bit slicker, a bit more appropriate to my circumstances, and maybe a bit more ‘human’.

Alas, none of these were true. If anything, on the basis that standing still isn’t moving forward, we’ve gone backwards.

Read the full article.

DELIGHTED shoppers will see iconic brands return to the high street including 90s favourites Toys R Us, Topshop and Cath Kidston.

It’s been a tough few years for the high street with many brands shuttering sites or disappearing altogether.

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But, a number of big-name retailers have announced they will be returning to the high street, in a move that’s sure to delight shoppers.

Many of the brands including Toys R Us, Cath Kidston and M&Co are returning under new ownership having previously fallen into administration.

It has been a tough time for retailers since Covid and many have struggled.

The rising cost of living, expensive rents and lower footfall have all played a part in the demise of some of our much-loved high street names.

However, here is a full list of the much-loved brands making their return:

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Cath Kidston

Fashion and homeware chain Cath Kidston will open its first new store next month as it returns to UK high streets.

Renowned for its charming floral designs and quirky vintage-style homeware, Cath Kidston had been a beloved fixture on the British high street since 1993.

However, the retailer crashed into administration last year and the last of its bricks-and-mortar stores closed in June 2023.

Next acquired the Cath Kidston brand, meaning people could continue to buy online and at the retailer’s stores.

Now it is due to open a new store on October 18 at Westfield White City, London.

Cath Kidston has teased the return on Instagram with images of the hoardings branded with its familiar florals.

In the post, it said: “Why yes. Yes, you guessed right.”

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Topshop

Topshop could be making a dramatic comeback to the British high street in a welcome boost for fashion-lovers who mourned its loss.

Earlier this month ASOS announced plans to sell a 75% stake in the brand to Bestseller, a Danish retail group that owns Jack & Jones.

Bestseller, which is also ASOS’s largest investor, has around 2,800 retail stores in more than 30 countries.

Asos had bought Topshop out of administration for £265million in 2021.

As part of the £118million joint venture deal with Bestseller, ASOS will be relaunching Topshop.com as a standalone website.

However, in news that will thrill millennial shoppers, ASOS’s boss also suggested a return to bricks and mortar shops .

Ramos Calamonte said: “It is very early to say that there will be physical stores, but there is no question that they [Bestseller] have a big present presence on the high street.

“We think that they have a lot of potential.”

Industry rumours have suggested they have already started scoping out potential sites for Topshop’s revival, including London’s famous Carnaby Street.

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Toys R Us

Toys R Us’ return to the UK high street has been been warmly welcomed by delighted fans.

Following a rapid roll out of concessions in the last year the iconic 90s toys retailer has announced it will launch in 23 more shops before Christmas.

The new stores are not standalone sites, but are “shop-in-shops” located inside WHSmith stores across the country.

Toys R Us was founded in 1957 by American businessman Charles P Lazarus.

It grew to 100 stores across the UK, but collapsed in 2018 and closed all branches.

Plans for a relaunch were announced in in October 2021 and the first store to open in a WHSmith branch was in York (Monks Cross retail park) on June 10 last year.

Managing director of WHSmith High Street Sean Toal said: “Nearly 40 years ago, Toys R Us first came to the UK, and we take great pride in being the steward of this much-loved brand in the UK.

“We’ve had queues around the block for many openings in the last year which tells you just how much people are loving seeing Toys R Us back again.”

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M&Co

Fashion retailer M&Co closed all of its stores after collapsing into administration in 2022, but has now announced it will return to the high street.

The new store in Newton Mearns, Scotland, will be opening where a previous store was located before the brand fell into administration.

The store opening follows the troubled brand’s acquisition by AK Retail Holdings in May 2023.

The new store will be opening where a previous store was located before going into administration.

Sandra McPherson, head of retail for M&Co stores, said: “We are thrilled to welcome back our loyal customers in-store.

“This expansion symbolises our commitment to bringing stores back to the high street and connecting with customers.”

M&Co fell into administration in December 2022.

Fellow retailer Yours Clothing bought the M&Co brand and intellectual property the following year.

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Wilko

Wilko is back on the high street having closed 400 stores in 2023 after going into administration.

Brits were heartbroken when beloved Wilko announced it would be closing all of its shops back in October last year.

However, a glimmer of hope was given when the brand name was scooped up by The Range, in a £5million deal – meaning that the name would live on.

Customers were overjoyed after learning the store was being relaunched online, and even more so when in a surprising turn of events, physical branches started to open up again.

Locations have since popped up Plymouth, Exeter, Luton, St Albans and Rotherham and its roll out is spreading across England, Scotland, Wales and Northern Ireland.

The stores offer customers all the essentials across home and garden, as well as the usual value Wilko own-brand products, alongside popular named brands.

Chris Dawson, owner of Wilko, is said to be targeting 300 stores over the next five years, and said that all the new shops so far are making a profit.

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Paperchase

In October 2023, Paperchase also made a return after closing all of its 134 shops and concessions earlier in the year.

Fans of the brand were devastated when the retailer disappeared from the high street in April 2023.

It had collapsed three months earlier and failed to find a buyer for the business.

Doors were shut on a total of 106 standalone shops, and 28 concessions within Next and Selfridges stores.

However, supermarket giant Tesco later stepped in and bought the rights to the brand and then went on to launch it in some of its stores.

A total of 261 Tesco stores now stock Paperchase products – see the full list here.

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Ted Baker

Ted Baker is to operate as an online shop following its collapse.

Ted Baker fell into administration in March when a deal collapsed between its American owners, Authentic Brands, and a Dutch operating partner which was meant to run the store operations.

Its final UK high street shops shut their doors in August and its original website stopped accepting orders.

But later that month US-based Authentic Brand Group, said it had secured a deal with a new business partner United Legwear & Apparel Co.

They will now run the brand’s online platform in the UK and Europe.

We wait to see if it will follow others in returning to the high street.

What is happening to the British high street?

The news comes amid a challenging time for the whole of the UK’s retail sector. 

High inflation coupled with a squeeze on consumers’ finances has meant people have less money to spend in the shops. 

Also the rising popularity in online shopping has meant people are favouring digital ordering over visiting a physical store. 

Unseasonably wet weather has also deterred shoppers from hitting the high street. 

This ongoing issue has seen brands such as Paperchase, and The Body Shop.

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