Tesco Bank responds to final CMA current account market investigation report
9 August 2016
Responding to the Competition and Market Authority’s final decision on remedies for the current account market, Tesco Bank Chief Executive Benny Higgins commented:
“While the CMA has made some positive proposals, we don’t believe they will have an impact in the short to medium term to help millions of customers get a better deal from their bank. Throughout this process, we have argued that transparency and comparability are key to helping customers understand their current account, and we have long argued that simple measures are required to increase consumer engagement in the market.
“Customers have a right to know what they are paying for their bank account and what they receive in return. We continue to believe that if that information was readily available far more customers would switch accounts. For example, we are the only UK bank to advocate the introduction of an at-a-glance comparison traffic light label to help customers quickly and easily compare accounts and make an informed decision on whether to keep or switch accounts.
“In the coming months we will consider and reflect on the changes proposed by the final conclusion of the CMA, while also considering broader market conditions to ensure we serve customers to the best of our ability.”
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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