View more on these topics

FSA delays Tesco Bank launch

Tesco’s plan to launch a lending arm could be delayed by up to 12 months due to the FSA’s current tougher line on authorisations.

The supermarket had originally planned to launch its new lender, Tesco Bank, this autumn but the Guardian says it has yet to receive FSA authorisation.

The report says the delay is due to the regulator toughening up its rules in the wake of the financial crisis.

Tesco told the Guardian: “The FSA is just being careful. It has a new process and it is very difficult.”

Tesco will announce its company results tomorrow and is expected to report a 10 per cent increase in first-half profits to £1.7bn.



Nucleus in £15m cash call

Nucleus is planning a £15m rights issue to pay back the company’s debt to South African insurer Sanlam. Nucleus founder and chief executive David Ferguson (pictured) says the fundraising has been discussed informally for the last 18 months and has secured large shareholder support. It is expected to be completed by the end of this […]

Wine investors being misled over IHT

Investors are being misled over the inheritance tax benefits of buying into wine and could face “huge” unexpected bills from HMRC, a national accountancy has warned. UHY Hacker Young says wine is being touted as a tax planning tool, with wine investment firms saying its value for IHT purposes is based on the price it […]


Core financial advice has to be face-to-face

I have to disagree with much of what was said by Liberal Democrat Treasury spokesman Lord Newby at the LibDem conference last week. He was wrong in saying that IFAs are a “doomed species” and that his children’s generation will seek free advice almost exclusively online. Core financial advice has to be face-to-face. If you […]

Is volatility dead? No, sell credit

There are several arguments that one could currently make for why credit markets look unattractive. These include signals that the US economy is in late cycle, the fact that corporate leverage has been increasing (with 2016 setting a record for the amount of global bond issuance), and that US high-yield default rates have risen considerably […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. Greengrocer1 to control 4th October 2010 at 3:13 pm

    the plums obviously werent ripe enough!

  2. If the FSA jerks Tesco about for too long with its new and “very difficult process”, it’ll up sticks and obtain authorisation from the Republic of Eire, as Zurich has done with its general arm.

    In the fullness of time, we may well look back and remember the FSA primarily as an organisation whose principal ethos, apart from serving its own interests, was to make life difficult for business trying to do business in the UK (banks excepted, of course).

  3. totally agree Julian

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm