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Company Directory - Marks and Spencer Financial Services plc

Company Details - Marks and Spencer Financial Services plc

Marks and Spencer Financial Services plc Logo

Marks and Spencer Financial Services plc

Marks and Spencer Financial Services plc is a financial services subsidiary of the Marks & Spencer Group, partly owned by HSBC. The company primarily offers financial products and services to consumers under the M&S brand.

CCI Score

CCI Score: Marks and Spencer Financial Services plc

-9.00

Latest Event

M&S CEO Criticizes Government Tax Policies

The chief executive of Marks & Spencer condemned the government’s recent tax measures, including increased National Insurance Contributions and a new packaging levy. He argued that these policies are excessively burdensome on the retail sector, warning of potential job losses, store closures, and slower wage growth, and likened the fiscal approach to 'raiding' the sector like a piggy bank.

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COLLABORATOR

Marks and Spencer Financial Services plc is currently rated as a Collaborator.

-5 to -9 CCI Score
In this category, companies align with authoritarian practices mainly to avoid trouble or regulatory conflict. Their compliance is driven by self-preservation, resulting in minimal resistance even as they participate in oppressive systems.

Latest Events

  • M&S CEO Criticizes Government Tax Policies Logo
    FEB
    10
    2025

    The chief executive of Marks & Spencer condemned the government’s recent tax measures, including increased National Insurance Contributions and a new packaging levy. He argued that these policies are excessively burdensome on the retail sector, warning of potential job losses, store closures, and slower wage growth, and likened the fiscal approach to 'raiding' the sector like a piggy bank.

  • -30

    Executive Political Engagement

    March 29

    The CEO’s public statement is an instance of Executive Political Engagement where he criticizes government tax policies. While highlighting potential negative impacts on jobs and growth, his rhetoric ultimately serves corporate interests by seeking relief from financial burdens – a self‐interested stance that undermines progressive fiscal policies designed to support workers and communities.

    M&S chief accuses government of raiding retail sector ‘like a piggy bank’

  • FCA fines Marks and Spencer Financial Services for Unfair Customer Treatment Logo
    MAY
    31
    2024

    The FCA fined Marks and Spencer Financial Services plc, alongside HSBC UK Bank plc and HSBC Bank plc, £6.28 million for failing to properly assess and accommodate customers’ financial difficulties between June 2017 and October 2018. The deficiencies in policies, procedures, and staff training led to disproportionate actions that worsened customers' financial hardships.

  • -70

    Business Practices and Ethical Responsibility

    March 29

    Marks and Spencer Financial Services plc was penalized due to unethical business practices that compromised customer welfare, particularly for those in financial difficulty. This regulatory action underscores a failure in upholding ethical standards and safeguarding vulnerable consumers, which is contrary to progressive, anti-authoritarian business practices.

    FCA fines HSBC £6.2 million over treatment of customers in financial difficulty

  • Marks and Spencer Financial Services Fined for Unfair Customer Treatment Logo
    MAY
    23
    2024

    Marks and Spencer Financial Services plc, operating as part of HSBC’s group, was fined £6.28 million by the FCA for failing to carry out appropriate affordability assessments and for disproportionate actions against customers in financial difficulty, putting approximately 1.5 million people at risk of further harm.

  • -80

    Business Practices and Ethical Responsibility

    March 29

    The fine imposed by the FCA highlights significant failures in business practices and ethical responsibility. The company's inadequate procedures in assessing customer affordability and its disproportionate treatment of struggling customers contributed to financial harm for a large number of consumers. This event reflects negatively on the firm's commitment to responsible and ethical business conduct.

    Bank fined millions over treatment of struggling customers

  • FCA fines Marks and Spencer Financial Services for Unfair Customer Treatment Logo
    MAY
    23
    2024

    Marks and Spencer Financial Services plc, along with HSBC, was fined £6.2 million by the Financial Conduct Authority (FCA) for failing to properly assess and address the financial difficulties of customers in arrears between June 2017 and October 2018. The fine was imposed following revelations that the company did not adequately consider customers' circumstances, resulting in disproportionate actions against vulnerable individuals.

  • -70

    Business Practices and Ethical Responsibility

    March 29

    Marks and Spencer Financial Services plc demonstrated a significant failure in ethical business practices by not ensuring fair treatment of customers experiencing financial hardship. The FCA fine underscores the company's neglect in implementing proper affordability assessments and correcting policies to safeguard vulnerable consumers, thereby reflecting a disregard for equitable financial practices.

    FCA Fines HSBC & Marks and Spencer Financial Services £6.2 Million Over Treatment of Customers in Financial Difficulty

  • Suspension of Supplier Over Animal Welfare Concerns Logo
    MAY
    01
    2024

    In May 2024, Marks & Spencer suspended a supplier from Lincolnshire following the release of footage by the Animal Justice Project. The footage revealed extremely distressing animal welfare violations on a poultry farm, including unsanitary conditions and mishandling of animals.

  • -70

    Supply Chain Ethics

    March 29

    The suspension of the supplier highlights continued issues within the ethical oversight of the supply chain. The exposure of severe animal welfare abuses reflects poorly on the company’s monitoring and enforcement of ethical standards.

    Supplier suspended after animal cruelty footage emerges at Lincolnshire farm

  • Marks and Spencer Secures Second Surveillance Certification Logo
    OCT
    15
    2023

    Marks and Spencer has renewed its surveillance camera certification for an additional 5 years under the Biometrics and Surveillance Camera Commissioner's scheme, reinforcing its commitment to ethical and transparent use of CCTV in line with established best practices.

  • +50

    Provision of Repressive Technologies

    March 29

    By opting for re-certification under the Surveillance Camera Commissioner's third party scheme, Marks and Spencer demonstrates its proactive stance in aligning its surveillance practices with ethical guidelines. This commitment helps ensure that the surveillance technology is used transparently and proportionately, countering potential misuse and reinforcing accountability.

    Marks and Spencer secures second surveillance camera certification

  • M&S Implements Digital Worker Voice Programme Following Rights Report Logo
    OCT
    01
    2023

    An independent Oxfam report on M&S’s supply chain revealed alarming issues including poor worker representation, inadequate sick pay, and in-work poverty. In response, M&S has committed to scaling its digital, anonymous worker voice programme to over 500 UK sites, aiming to create better communication channels and drive industry-wide changes.

  • +60

    Labor Relations and Human Rights Practices

    March 29

    M&S is taking significant steps to address longstanding labor rights issues in its supply chain by introducing an anonymous digital worker voice programme. This move, in response to an Oxfam report highlighting poor working conditions and lack of direct reporting channels for workers, shows a commitment to improving labor relations and safeguarding human rights.

    M&S human rights survey reveals concerns of supply chain workers

  • +60

    Supply Chain Ethics

    March 29

    The initiative to roll out a digital, anonymous survey platform represents a positive step towards addressing supply chain ethics. By moving beyond traditional third-party audits and directly engaging with workers, M&S is promoting accountability and transparency in its supply chain management.

    M&S human rights survey reveals concerns of supply chain workers

  • M&S Upgrades CCTV System with Security Consultants Logo
    OCT
    01
    2023

    Marks and Spencer Financial Services plc upgraded its CCTV system at its Bradford distribution centre by engaging FOUR Security Consultants to ensure the system meets the surveillance camera code of practice. The initiative aims to achieve an effective, efficient, and compliant security infrastructure.

  • +20

    Business Practices and Ethical Responsibility

    March 29

    The CCTV upgrade process demonstrates the company's commitment to ethical business practices by adhering to a legally defined code of practice. This proactive measure in ensuring compliance with established security standards reflects responsible corporate behavior in managing its operational risks.

    On the mark: M&S works with FOUR Security Consultants to upgrade CCTV

  • +10

    Provision of Repressive Technologies

    March 29

    Although investment in surveillance technology can pose ethical challenges, in this instance the new system is being implemented with strict adherence to the surveillance camera code of practice. This reduces the risk of misuse and indicates that the technology is intended for security rather than repressive monitoring.

    On the mark: M&S works with FOUR Security Consultants to upgrade CCTV

  • Allegations of Supply Chain Exploitation in Spain Logo
    APR
    01
    2023

    In April 2023, Ethical Consumer’s report 'Produce of Exploitation' highlighted severe abuses in the Spanish supply chain, including underpayment, falsified timesheets and allegations of forced labour among workers supplying UK fruit and vegetables. Marks & Spencer was among supermarkets criticized for not addressing these issues adequately.

  • -70

    Labor Relations and Human Rights Practices

    March 29

    The report reveals significant failures in upholding labor rights and human rights practices, with evidence of underpayment, falsified records, and forced labor. This undermines worker protections and aligns with unethical supply chain management.

    How ethical is Marks & Spencer Group plc?

  • -60

    Supply Chain Ethics

    March 29

    Marks & Spencer has been criticized for not taking adequate action to rectify long-standing supply chain issues, which include poor monitoring of supplier practices. The report underscores the company’s complicity in enabling unethical supplier behavior.

    How ethical is Marks & Spencer Group plc?

  • Marks and Spencer Achieves CCTV Certification for Enhanced Security Compliance Logo
    MAR
    15
    2023

    Marks and Spencer, in partnership with FOUR Security Consultants Ltd and led by its Head of Corporate Security Clint Reid, obtained the Surveillance Camera Commissioner's certification. The certification demonstrates adherence to the surveillance camera code of practice, promoting operational transparency, safety, and responsible use of surveillance technology across the organization.

  • +50

    Business Practices and Ethical Responsibility

    March 29

    By securing the CCTV certification, Marks and Spencer enhances its reputation for ethical business practices and transparency. This move supports a more accountable corporate culture and aligns with efforts to ensure safe, regulated work and retail environments.

    Marks and Spencer first retailer to gain SCC's CCTV certification

  • +40

    Technology and Services Impact

    March 29

    The certification reinforces responsible use of surveillance technology by ensuring that CCTV setups follow a strict code of practice. This reduces the risk of misuse and underscores a commitment to transparency and improved operational monitoring.

    Marks and Spencer first retailer to gain SCC's CCTV certification

  • M&S to Stop Sourcing in Myanmar Over Human Rights Concerns Logo
    OCT
    11
    2022

    Marks & Spencer announced a responsible exit from sourcing operations in Myanmar by March 2023 due to documented human rights violations, partnering with the Ethical Trading Initiative to ensure ethical trading practices and mitigate impacts on local workers.

  • +80

    Supply Chain Ethics

    March 29

    By deciding to exit sourcing from Myanmar in response to human rights violations and in collaboration with the Ethical Trading Initiative, Marks & Spencer demonstrates a commitment to ethical supply chain practices. This proactive move helps avoid complicity in authoritarian abuses and supports marginalized worker rights.

    M&S to stop sourcing in Myanmar amid concerns over human rights violations

  • Marks & Spencer Enhances Human Rights and Supply Chain Policies Logo
    JUL
    01
    2022

    Marks & Spencer published a detailed human rights and supply chain policy outlining robust grievance mechanisms, anti-retaliation measures, and commitments to international guidelines such as the UN Guiding Principles and OECD Guidelines. The initiative emphasizes transparency, enabling workers and supply chain partners to report human rights abuses and labor standard breaches without fear.

  • +75

    Labor Relations and Human Rights Practices

    March 29

    The policy highlights strong internal grievance and anti-retaliation mechanisms ensuring that employees and supply chain workers can report violations safely, which aligns positively with anti-fascist values regarding labor rights and ethical treatment.

    Human Rights & Our Supply Chain

  • +80

    Supply Chain Ethics

    March 29

    The initiative demonstrates a proactive approach to supply chain ethics by ensuring transparency in sourcing, adherence to international standards, and avenues for remedy, which supports ethical business practices and protects marginalized groups.

    Human Rights & Our Supply Chain

  • 2021-22 Gender Pay Gap Disclosure Logo
    APR
    01
    2022

    Marks and Spencer Financial Services plc released its 2021-22 gender pay gap report, which details that women earned 97p for every £1 earned by men in median hourly pay. The report also shows that women comprised 63% of employees in the highest paid quarter and 71% in the lowest paid quarter, highlighting a persistent though relatively modest pay disparity.

  • -15

    Labor Relations and Human Rights Practices

    March 29

    The published gender pay gap report reveals that female employees earn 97p for every £1 earned by their male counterparts and are disproportionately represented in lower paid roles. This ongoing wage disparity signals a failure to achieve equitable labor relations and fair treatment in compensation, a key issue within labor rights and human rights practices.

    MARKS AND SPENCER FINANCIAL SERVICES PLC 2021-22 Gender Pay Gap Report

  • M&S criticized for maintaining Russian franchise ties amid Ukraine conflict Logo
    MAR
    17
    2022

    Ukrainian MPs have accused Marks & Spencer of indirectly funding Vladimir Putin’s war machine by maintaining contractual ties with a Russian franchise. Although M&S suspended product deliveries to its 48 Russian stores, it has refused to break the legal agreement, prompting allegations that revenue from these operations is funneled to support an authoritarian regime.

  • -40

    Public and Political Behavior

    March 29

    By choosing to abide by contractual obligations with its Russian franchise rather than severing economic ties, M&S is perceived as indirectly enabling funds to reach Putin’s regime. This inaction under political pressure contributes to a negative public and political impact.

    M&S under pressure to sever ties with Russia as Ukrainian MPs accuse it of allowing stores to fund the war

  • -50

    Economic Collaboration

    March 29

    Maintaining operations through a franchise in Russia, despite suspending deliveries, implies that M&S continues to benefit financially from a market that indirectly supports an authoritarian regime. This economic collaboration raises ethical concerns regarding the company’s structural influence.

    M&S under pressure to sever ties with Russia as Ukrainian MPs accuse it of allowing stores to fund the war

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