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Professional Group

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Parker Diaz
Parker Diaz

Tesco Personal Finance WORK



A unique selling point of Tesco's banking products is that the bank is able to leverage its large customer base to cross-sell financial services products, as customers can accumulate Tesco Clubcard points when they purchase finance products. Tesco Bank came third in the British Bank Awards (2016), with an average customer satisfaction of 87.8%.[4]




tesco personal finance



Any reference to 'we,' 'us,', 'our' is a reference to Tesco Bank which is a trading name of Tesco Personal Finance plc. We are part of the Tesco plc group. For information about our group of companies please visit www.tescoplc.com and click on 'About Us'.


The posts and other communications do not represent financial advice from Tesco Bank and must not be treated as such, even if they are directed to you. Posts are general information only and you must carefully consider any decisions you make based on the content of Your Community. Before relying on any other user's posts or communications, you should make your own enquiries and ensure that any action you take as a result is right for you. Note that opinions and advice in relation to financial products and services on Your Community are not personalised to you or other users.


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On 1 October 2018, the FCA fined Tesco Personal Finance plc (Tesco Bank) 16.4 million for failures relating to a cyber attack. Over a 48-hour period in November 2016, cyber criminals stole 2.26 million from more than 8,000 of Tesco Bank's 131,000 personal current account customers. The incident received significant press attention at the time. Nearly two years later the FCA has delivered its verdict that, in summary, Tesco Bank should have done more both before the attack and in response to it. These attacks are a growing threat and we are seeing a big increase in requests for advice and assistance in this area. This is also driven by GDPR (see below).


This case was decided under applicable FCA requirements as is typically the case in the financial services sector. However, the market also needs to take account of GDPR which applies to personal data. GDPR mandates an expanded duty to ensure appropriate security is in place. This includes pseudonymisation, encryption, assurance as to data confidentiality, integrity, availability and resilience of systems. GDPR also requires regular testing, assessment and evaluation of risk. There are also new legal duties to notify the competent Supervisory Authority (eg. the ICO) and data subjects of personal data breaches. The ICO can fine up to 4% of annual turnover for poor data security and 2% of annual turnover for failure to notify as required. We expect future incidents affecting authorised firms to be determined by the FCA, but the ICO is likely to step in where the FCA does not. In any event, firms should comply with notification duties under both regimes if applicable.


Tesco Bank had already closed its current accounts to new business in December 2019, but this week it has gone one step further. As of 30 November 2021, personal current accounts with the bank will cease to exist.


Tesco Bank has already grown to become a major player in the financial service industry over the past 12 years since it was formed in partnership with the Royal Bank of Scotland. It offers insurance, credit cards, personal loans and savings products and already has six million customers and runs 3000 cash machines at its branches. In credit cards it has a 7.5 per cent share and one in ten of all cash withdrawals are from its ATMs. It already handles 2.4 million branded credit cards outside the UK. Significantly, since 2004 Tesco has had more floor space outside the UK than inside it.


Higgins also pointed out that Tesco's focus is initially to serve the customers it has and sell more of the products it already has. "Our next set of priorities is to grow that offering to be a more full service offering and what that will require is for us to offer current accounts and mortgages. We haven't got dates set for doing either of them but in terms of the personal products that would be the most obvious of the next priorities." Tesco also has a large number of small business customers and it will also be targeting them.


Last year Tesco Personal Finance made profits of 157m on turnover of 569m.Tesco has ambitions to grow its personal finance profits to 1bn which would take it into the top tier of the Top 500 companies in Scotland. This year it made its debut in the Top 500 at number 21.


"This kind of product - the self-invested personal pension - already exists but the government is trying to introduce it to a wider audience," said Craig Wetton, chief executive of Chartwell Investment Management. But Mr Wetton disputes whether such a complex product is suitable for most people - and in particular, whether it would appeal to the young who tend to favour the simplest options. "Concentrating on retirement is totally alien to the younger generation," said Mr Wetton. "Introducing further complexities to the issue is a complication younger people could do without." Mr Wetton believes that introducing the new accounts could induce "paralysis through analysis". 041b061a72


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