I have some savings in Tesco's Internet saver account but want to know who owns Tesco personal finance, whether they have a banking licence and if my savings are covered under the compensation scheme.
Hi Hettie,
Tesco Personal Finance is a joint venture between Royal Bank of Scotland and Tesco PLC, however, Tesco Personal Finance has its own banking licence. So this means that your savings with Tesco are protected under Tesco Personal Finance's FSA authorisation up to the first £35,000.
Please read our guide on who owns who and who has a banking licence for more information.
wholly owned by tesco. rbos sold there interests back to tesco for 900 million.
but if as stephen says tesco hold the banking licence then your savings are safe
According to Tescos own site, its still a joint venture.
http://www.tescofinance.com/personal/finance/savings/savingsaccounts/terms-and-conditions.html
tesco agreed to buy rbos out on the 28th july 2008 for a cash consideration of 950 million pounds. the sale is subject to regulatory approval and is expected to be completed before the end of the year
