Tesco Bank News Update: Advice to be Given to Mortgage Buyers
Tesco Bank news update: Their financial services company have rewarded them the ability of offering mortgages and the respective advice to their customers.
The financial services company Vertex, have awarded Tesco Bank – just one of the companies that they provide services for – the opportunity of broadening the spectrum of services they offer to customers. The new services will include the extensive advice that comes in hand with taking out a mortgage.
The extent of the permission is limited to just the advice that customers require when they look to take out a mortgage. While this is not the permission they would like, it is a vote of confidence from the FCA and a move in the right direction to establish themselves as a bank that offers a more comprehensive range of services.
Vertex offer software for a huge variety of banks and their relationship with Tesco Bank is still in the early stages; they only began serving Tesco Bank in 2010.
Tesco Bank News Update
The ‘variation of permission’ as it has been dubbed is not easy feat to be achieved. There is a rigorous process involving more than just the two companies. The right was bestowed by Vertex into Tesco Bank following a review by the FCA on the various aspects of banks: their advice structure, the general demeanour and competence of the bank, their systems and controls. Therefore this really is a vote of confidence from those in the know when it comes to the banking sector.
As well as Vertex and the FCA, the Mortgage Market Review offered some weight in the decision as they establish themselves (they will become a full-fledged review system on 26th April 2014). The Mortgage Market Review system will ensure that all banks offering mortgages to their customers also provide an adequate level of advice. The idea being that this will reduce the number of customers taking out mortgages and then struggling to keep up with the payments.
This extension of permissions from the financial services company Vertex means they will be able to offer advice to the consumers, on behalf of the clients and therefore will be looking to greatly increase the number of customers they currently have.
For more information on the products and services offered by Tesco Bank, or indeed to receive mortgage advice, call the Tesco Bank phone number and speak with a member of their customer services department. Alternatively you can find extensive advice on the Tesco Bank website.
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