Tesco Bank ac­cuses UK’s biggest len­ders

The Pak Banker - - Company& -

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

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