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Tesco Bank responds to CMA provisional decision on remedies for the current account market

Responding to the Competition and Market Authority’s provisional decision on remedies for the current account market, Tesco Bank Chief Executive Benny Higgins commented:

"While the CMA have made some positive proposals, there is much more that can be done to help millions of customers get a better deal from their bank.  Customers have a right to know what they are paying for their account and what they receive in return. We continue to believe that if they had that information far more customers would switch accounts. 

“At Tesco Bank we have taken a number of steps to make sure our customers get the best possible deal. We are, for example, one of the few banks in the UK to pay credit interest to all our customers. We are also the only UK bank to alert customers when they could have earned even more interest each month. There is nothing to stop other banks from following our lead and millions of customers would benefit if they did."

--ENDS--

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About Us:

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

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