Supermarket giant Tesco's plan to march into the home loans business this autumn is facing a severe delay: the grocer has yet to receive permission from the City watchdog to offer mortgages.
Tesco's new banking arm had hoped to launch mortgages before Christmas, followed by current accounts next year, writes the Guardian. However it is understood that the supermarket could be bogged down in red tape for up to 12 months. The FSA has toughened up its rules in the wake of the credit crunch, which claimed high-risk lenders such as Northern Rock and Bradford & Bingley, and is keen to make sure any new entrant is copper-bottomed. FULL STORY...
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