Tesco plans 30 in-store ‘banks’

Tesco is hunting for an insurance expert to help expand its financial services division.

Tesco Personal Finance (TPF) already offers insurance products but has sold them through leaflets at check-out counters or online. Following a pilot in Glasgow, it wants to open TPF branches in 30 of its stores by the end of this year, starting next month in Coventry, Blackpool and Bristol.

The retailer plans to launch a current account within two years, once the technology is in place.

It is also looking to hire a non-executive director who has a background in insurance.

TPF has been authorised by the FSA since 2001. Its key products include motor, home, pet, travel, dental, health and life insurance.

A Tesco spokesman said the creation of walk-in financial centres had nothing to do with the current turmoil in retail banks.

The company plans to create 200 new jobs, based in Edinburgh, to roll out the programme.

An ABI spokesman said healthy competition always benefited consumers.