Reclaim PPI Against Tesco Bank
Tesco Bank issued a great many loans and mortgages during the lending boom, not to mention a huge number of credit cards. The economy was strong, consumers were spending heavily and the supermarket was keen to establish a foothold in more sectors than just grocery shopping. There were significant profits to be had, and Tesco understandably wanted a slice of the ever-expanding pie.
Tesco Personal Finance came into being in the late 1990s, just at the height of the lending boom. Originally it was a 50-50 partnership with RBS, but eventually it evolved into the stand-alone Tesco Bank. At that time, it was a major player in the UK’s financial sector, and of course it was able to speak directly to the consumer via its thousands of branches in just about every town and city in the UK.
One of the most powerful aspects of supermarket shopping in Britain is that it often inspires complete customer loyalty. Most people who shop at Tesco rarely shop anywhere else, so when the company started offering credit cards, loans and even mortgages it proved tempting to many. The fact that a PPI policy may be attached to the product was often neither here nor there.