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August 9 2016

Tesco Bank Responds to Final CMA Current Account Market Investigation Report.

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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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