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Tesco banks on easier transfer of accounts

Banking customers hoping to open a current account with Tesco will have to wait until next year after its launch was delayed.

Tesco Bank was set to offer a current account this year but the release was put back to allow it to take advantage of new rules making it easier for customers to switch, The Times said.

The Independent Commission on Banking recommended a current account redirection service is formed to improve the system by which customers can switch bank accounts and is set up by September 2013.