Tesco Bank comments on Competition & Markets Authority provisional findings
22 November 2015
Benny Higgins, CEO, Tesco Bank said:
"It is critically important that customers are well informed about how much they can gain from switching accounts, and we welcome the CMA's proposals to address this significant issue. We are committed to doing everything we can to make it easier for customers to understand the value of their account.
We are the only bank in the UK to highlight foregone interest on our customers' statements, and this week we became the first challenger bank to join the MiData scheme. The CMA has an opportunity to be a catalyst for meaningful change and we look forward to working with them as they finalise their recommendations."
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Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.
Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ