Tesco, striving to build ‘the people’s bank’, had been expected to introduce mortgages this autumn.
But plans have had to be postponed as the company struggles with IT systems and a “raft of tougher legislation.”
Tesco has been very keen to move into banking, having been negatively affected by price rises on core purchases such as food and fuel, with then a knock-on impact for reduced spending on discretionary items that the company sells, such as clothing and entertainment.
Tesco is Britain’s biggest retailer by sales.
http://www.ft.com/cms/s/0/0e1ac0c6-e3ad-11e0-bd3d-00144feabdc0.html