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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.

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Comments

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

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