LSD {Banking}
Libra, solidus, denarius
LSD (Finance)
LSD (£sd) - pounds, shillings and pence - is an abbreviation of the Latin words libra, solidus and denarius. In simple terms...

Libra, a pound weight in Latin,
s. is an abbreviation for shilling in English,
d. stands for denarius or denarii (a Roman coin).


Image: Balance scales.
EXIT | Finance | Decimalisation BACS | The Clearing Banks | Post Office Savings Bank | Regulation | VAT |

Introduction

LSD - Pounds, Shillings and Pence, the currency of Great Britain in days gone by. LSD Banking will study some aspects of the history of UK currency, the banks and related topics...


Decimalisation
Decimalisation
LSD was the abbreviation for £:s:d, pounds, shillings and pence; otherwise known as 'old money': the pre-decimal coinage of the UK until 1971.



Leaflet: Your guide to decimal money.

BACS
BACS
The Bankers Automated Clearing Service (BACS) was formed in 1971, mainly to provide a central clearing function for bulk automated payments. Here we learn about BACS and its associated companies and processes...
   

The Clearing Banks
The Clearing Banks
Here we take a look at the 'Big Four' high street banks:

Barclays, Lloyds, Midland and the newly merged (in 1970) National Westminster (Nat West).

[Notes: 'first direct' and HSBC are both trading names of HSBC Bank plc.]


Photo: High Street bank © FreeFoto.com
   
   
Post Office Savings Bank
Post Office Savings Bank
Another long established bank which was commonplace in the high street... In 1861 the Palmerston Government set up the "Post Office Savings Bank" - a simple savings scheme aiming to encourage ordinary wage earners "to provide for themselves against adversity and ill health".



Leaflet: Post Office Savings Bank - Saving and Spending.

Regulation:


GOV UK Bank Regulation


Financial Services Authority
The Financial Services Authority (FSA) was an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. The FSA used a wide range of rule-making, investigatory and enforcement powers to fulfil its statutory objectives.


From 1st April 2013, the Financial Services Authority (FSA) was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

The deposit compensation limit rose from £50,000 to £85,000 for each person, per authorised firm, from 31 December 2010. This  offers consumers greater protection and brings the savings guarantee in the UK into line with much of Europe.

From 1 January 2016 the deposit limit for bank accounts is now £75,000. This is the sterling equivalent of €100,000 as required by the recast Deposit Guarantee Schemes Directive.


Financial Services Compensation Scheme
The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA).
   
VAT

Value Added Tax was introduced into the UK on 1st April 1973 as a requirement for joining the European Economic Community (EEC) or 'Common Market'. It replaced 'Purchase Tax' which had been a levy on 'luxury goods' since October 1940.


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