22 September 2017
Find out more

Tesco mortgage plans delayed by tougher FSA checks

04 October 2010  |  7532 views  |  1 fingerprint on laptop

Tesco's ambition to build a full service banking operation has suffered a setback after the Financial Services Authority delayed giving the supermarket clearance to offer mortgages, according to the Observer.

The supermarket re-branded its personal finance unit to Tesco Bank last October and has laid out plans to extend the business from a collection of disparate products to that of a full-service retail bank.

At the centre of this strategy was the planned introduction of mortgages by the end of the year, to be followed in 2011 by current accounts.

However, with the FSA tightening up rules in the wake of the credit crunch, Tesco may have to wait for up to another year, says the Observer. The supermarket told the paper: "The FSA is just being careful. It is a new process and it is very difficult."

Tesco plans to offer mortgages delayed by regulatory checks - Observer

Comments: (1)

Keith Richbell
Keith Richbell - eftpos Payments Australia Ltd. (ePAL) - Sydney | 04 October, 2010, 23:29

I guess Tesco are discovering that with regard to Banking Regulators, Tesco's slogan "every little helps" does not apply!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tesco Bank goes online in search of staff

Tesco Bank goes online in search of staff

05 February 2010  |  11031 views  |  0 comments
Tesco Bank selects Fiserv to provide core technology platform

Tesco Bank selects Fiserv to provide core technology platform

20 November 2009  |  16791 views  |  0 comments
Tesco Bank creates 1000 customer service jobs

Tesco Bank creates 1000 customer service jobs

28 October 2009  |  9635 views  |  0 comments
Tesco and Fortis in insurance talks

Tesco and Fortis in insurance talks

26 June 2009  |  6490 views  |  0 comments
Tesco Personal Finance creates 200 jobs at new Edinburgh HQ

Tesco Personal Finance creates 200 jobs at new Edinburgh HQ

06 March 2009  |  11441 views  |  0 comments
Tesco wins approval for RBS buy-out; poaches Rowe to head marketing

Tesco wins approval for RBS buy-out; poaches Rowe to head marketing

19 December 2008  |  14070 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.sibos.comvisit www.capgemini.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12605 views comments | 26 tweets | 42 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10992 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9555 views comments | 6 tweets | 3 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8211 views comments | 18 tweets | 27 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
8138 views comments | 5 tweets | 4 linkedin

Featured job

circa £250K total package
London

Find your next job