Birmingham Midshires (BM Savings) is a division of Bank of Scotland plc, which is part of the Lloyds Banking Group. This group is regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The new banking regulations in the UK require large banks to separate personal banking services, such as checking and savings accounts, from other parts of their business, such as investment banking. For example, both Halifax and Saga are owned by the Bank of Scotland, so the compensation limit for the loss of savings in all three is the same. Hundreds of thousands of people in the UK use Birmingham Midshires savings accounts to get the most out of their money.
You can find more information about banking restrictions and structural reform on the Financial Conduct Authority website and on the Bank of England website. Bank of Scotland PLC is the “holder of the deposit reception license” for Aviva, Bank of Scotland, BM Savings, Halifax and Intelligent Finance. Today, Birmingham Midshires offers cash ISAs, easy-to-access savings accounts, and savings and fixed-term bond accounts online and over the phone. They also provide specialist mortgages for customers who buy to rent and build on their own through mortgage advisors. The roots of Birmingham Midshires date back to 1842 when it was created from a merger of some 50 construction companies, including Bridgwater construction companies in Midshires and Birmingham, with 26%.If you receive instructions about changing the bank details of companies you make regular payments to, contact them at the number you normally use to verify that they are authentic.
Following the financial crisis, UK legislation was passed to better protect customers and the everyday banking services they rely on.