Tesco Chief Calls for More Clarity in UK Banking

By Jeff, Dominic | Scotland on Sunday (Edinburgh, Scotland), November 2, 2014 | Go to article overview

Tesco Chief Calls for More Clarity in UK Banking


Jeff, Dominic, Scotland on Sunday (Edinburgh, Scotland)


BRITAIN'S banking market needs to be made more transparent in order for it to become truly competitive and give smaller banks a chance to woo customers on equal terms with the established big players, according to Tesco Bank chief Benny Higgins.He said that if consumers could properly compare the accounts on offer they may finally start changing banks in large numbers.But he added that the so-called "challenger banks" need to live up to their name and offer more customer-focused products."People talk generally about challenger banks, but who's challenging what? If a so-called challenger behaves like an incumbent then the status quo will be undisturbed," he said.More than five years after gaining its independence from its early partner Royal Bank of Scotland, Tesco entered the fray by launching a current account this summer and Higgins said it has been well received.Tesco isn't divulging any numbers yet but Higgins said he is "very pleased". He believes that people will only migrate in large numbers if the process of comparing products is made easier, something he hopes a Competition and Markets Authority (CMA) will help with.The CMA is consulting on its provisional recommendation to refer the markets for personal current accounts and SME banking for a market investigation, with a decision expected in the next few weeks. …

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Tesco Chief Calls for More Clarity in UK Banking
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