Tesco Bank delays account launch
Published: 6th Feb 2012 09:31:39
Tesco Bank is not expected to launch its current account until next year.
The Edinburgh-based bank already offers insurance, credit cards and savings products and has about 6.5 million customers.
The bank said it was working towards "offering a full-service bank for Tesco customers" which will include current accounts and mortgages.
It follows computer glitches which locked thousands of online customers from accessing their savings accounts.
The bank had been expected to launch its new products this year although the bank said progress was being made at the "right pace".
A spokesperson said: "We are currently in the product development phase.
"Our launch timings are not yet confirmed but will be driven by delivering the right product for Tesco customers, as well as the speed of implementation of new industry-wide systems to help customers switch current accounts more easily."
The Independent Commission on Banking last year recommended changes to improve the system by which customers can switch bank accounts.
A new free redirection service is due to be set up by September 2013.
Tesco Bank is seen as a serious challenger to the main high street banks.
As well as the 6.5 million customers it already has, it could promote its financial products to its 16 million Clubcard holders.
In its last set of results, the Edinburgh-based subsidiary of Britain's biggest retailer reported revenue up 7% to £919m, with its trading profit up 5.6%.
The bank also said it grew business in credit cards by 11%, personal loans by 17% and motor insurance by 8%.
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Harvard CitationBBC News, 2012. Tesco Bank delays account launch [Online] (Updated 6th Feb 2012)
Available at: http://www.ukwirednews.com/news/223472/Tesco-Bank-delays-account-launch [Accessed 9th Mar 2014]
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With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com