Tesco Bank accuses UK’s biggest lenders
LONDON: The UK's largest lenders have been accused of blocking new entrants from entering Britain's retail banking market by operating a "cartel" on consumer credit data.
Barclays, HSBC, Lloyds, RBS. Tesco Bank chief Benny Higgins accuses UK's biggest lenders of running 'cartel'.
Britain's largest banks routinely share credit information, according to Tesco Bank, which described the arrangement as against "the general interest".
Benny Higgins, chief executive of Tesco Bank, told the Treasury Select Committee that big banks were operating a "closed user group" that made it more difficult for smaller banks to compete. "I do not know why I would share data like that with other competitors," said Mr Hartzer. "As far as I'm aware there is no sharing of credit data among the largest banks." -PB News