Bank of Scotland

Is Bank of Scotland ethical?

Bank of Scotland has been researched and ranked in The Good Shopping Guide’s Ethical Banks & Building Societies Ratings Table and receives a low score.

Although our ethical requirements have not yet been met by this company, and the company requires significant improvement, we hope that in the future, it will make the necessary adjustments to operate as a more ethical business.

More information on the ethical issues faced by the sector, may be found in The Good Shopping Guide’s article on Ethical Banking. You can also use our Ethical Banks & Building Societies Ratings Table to compare Bank of Scotland to other banks.

What does Bank of Scotland do?

Bank of Scotland is a British bank based in Edinburgh, Scotland. The organisation was originally established back in 1695 but became a public limited company in September 2007. The company was then acquired by Lloyds Banking Group in 2009 and has been a Lloyds subsidiary ever since.

For which criteria does Bank of Scotland score poorly? 

Unfortunately, due to Lloyds’ involvement in numerous unethical investments, Bank of Scotland receives a bottom rating in the Irresponsible Lending and Irresponsible Lending+ categories. The latter is only given to companies with 5 or more serious criticisms relating to their investment and lending practices.

Lloyds has been criticised for investment in or financing of companies involved in coal, North sea oil, illegal Israeli settlements, nuclear weapons and more.

In what areas does Bank of Scotland score well for its ethics?

Bank of Scotland receives a top rating for the Environmental Report criterion. This is because Lloyds Group has a detailed Sustainability Report, outlining the company’s environmental commitments for the future.

How can Bank of Scotland improve its ethical rating?

The ethical rating of a Finance brand is divided into three categories by The Good Shopping Guide: the Environment, People and Other. Find out more about how we rate.

To increase its score in The Good Shopping Guide, as well as its overall ethics, Bank of Scotland should improve its ratings in the following categories: Carbon Disclosure & Reduction Targets, Irresponsible Lending, Responsible Investment Policy and Other Criticisms. As Bank of Scotland’s low score is primarily a result of its ownership by Lloyds, these recommendations apply to the entire company group.

If you’re interested in learning more about achieving Ethical Accreditation for your brand, please contact us or complete a Free Initial Assessment form.