Tesco delays current account launch
Tesco Bank, which offers insurance, credit cards and savings products, was set to offer a current account this year but the release was put back to allow it to take advantage of new rules making it easier for customers to switch, a national newspaper said.
The Independent Commission on Banking last year recommended that a free current account redirection service is formed to improve the system by which customers can switch bank accounts and is set up by September 2013.
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Hide AdTesco Bank, which has 6.5m customers, was launched in 1997 as a joint venture between supermarket giant Tesco and Royal Bank of Scotland. Tesco acquired the remaining 50% RBS stake in 2008 for £950m and Tesco Bank is now fully owned by Tesco.