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.
"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.
Feb 1985: Announcement of the formation of St Michael Financial Services and the introduction of M&S Chargecard. 270,000 applications in first three weeks.
2 April 1985: M&S Chargecard goes live in stores.
Feb 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.
