2 November 2006
Marks and Spencer (M&S) has defended its financial services, including personal loans, after research carried out by consumer group Which? accused some supermarkets of offering financial services it labelled as "a swizz".
James Thorpe, a spokesman for M&S declared: "At Marks & Spencer Money, we take a stand that whatever we charge we are not going to subsidise, or buy business. That means whatever rate we charge it is a competitive rate for customers, but at the same time it is profitable business for us to run."
Mr Thorpe admitted that some of its personal loan rates were more expensive than some of its competitors: "At the lower values some of our competitors may be cheaper than us, but I would like to say that the vast majority of our loans are for higher sums and that is where we do most of our business."
He also emphasised that M&S wanted to offer a valuable product, and that while the prices may be more expensive than other non-traditional finance service providers, with M&S "you are just getting the very professional and Marks & Spencer brand service you would expect".
Neil Fowler, editor of Which?, advised consumers to consider their options carefully when looking for financial help. "Just because supermarkets offer good value on groceries, don't assume this applies across the board. You can pay well over the odds for the convenience of picking up a financial product with your weekly shopping," he said.
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