Ad description
A poster, for TSB Bank plc, featured text that stated, "Welcome to your new bank. It's 200 years old. Welcome back to local banking. TSB".
Issue
The complainant challenged whether the ad misleadingly implied that the new bank, referred to in the ad, was 200 years old.
Response
TSB Bank plc (TSB) said the ad did not communicate that the bank had been trading under a TSB logo for 200 years; rather it made clear that the bank's heritage was that of a 200-year-old company. They explained that the first trustee savings bank was established in 1810 and subsequent to that further trustee savings banks opened. They said those banks developed through a process of amalgamation and evolution until the unification of the wider trustee savings bank movement through the Trustee Savings Bank Act 1976 and subsequent legislation in 1984 that centralised these banks into the TSB Group. They said the core of trustee savings banks had traded continuously from their inception until the point of unification of the Trustee Savings Banks.
TSB explained that the Lloyds Bank/TSB Group merger in 1995 was structured as a reverse takeover by TSB and that the TSB Group had taken on the liabilities of Lloyds Bank. They said that TSB remained part of Lloyds TSB branding and the company's registered name throughout the trading existence of the limited company. They said TSB remained the same legal entity and owned the intellectual property in TSB and had sole rights to use 'TSB' in its marketing.
Assessment
Not upheld
The ASA considered consumers would understand the ad to mean that TSB could trace a continuous trading history for a period of 200 years.
We understood the original trustee savings bank was established in 1810 and that the core of trustee savings banks had traded continuously from their inception until the point of unification of the Trustee Savings Banks in to the TSB Group.
We noted the complainant's concerns that the ad was misleading because the original bank had ceased to exist when it began trading as Lloyds TSB Bank. We understood that in 1995, Lloyds Bank and the TSB Group merged through a reverse takeover by the TSB Group and that the TSB Group had taken on the liabilities of Lloyds Bank. We noted that in 1999 TSB Bank Scotland Plc changed its name to Lloyds TSB Scotland Plc. However, because the TSB Group had continued to trade during that period, albeit under an alternative name, we considered it was acceptable for the ad to refer to a continuous trading history during that time. On that basis, we concluded that the ad was not likely to mislead for the reason the complainant suggested.
We investigated the ad under CAP Code (Edition 12) rules 3.1 3.1 Marketing communications must not materially mislead or be likely to do so. (Misleading advertising) and 3.7 3.7 Before distributing or submitting a marketing communication for publication, marketers must hold documentary evidence to prove claims that consumers are likely to regard as objective and that are capable of objective substantiation. The ASA may regard claims as misleading in the absence of adequate substantiation. (Substantiation) but did not find it in breach.
Action
No further action necessary.
