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45-512: Tesco Personal Finance plc , trading as Tesco Bank , is a British retail bank which was formed in July 1997 (as Tesco Personal Finance ). The bank was formed as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco , the largest supermarket in the United Kingdom, employing 2,800 people. Tesco later acquired Royal Bank of Scotland shareholding, which resulted in

90-420: A DBA must be registered with a local or state government, or both, depending on the jurisdiction. For example, California, Texas and Virginia require a DBA to be registered with each county (or independent city in the case of Virginia) where the owner does business. Maryland and Colorado have DBAs registered with a state agency. Virginia also requires corporations and LLCs to file a copy of their registration with

135-467: A DBA statement, though names including the first and last name of the owner may be accepted. This also reduces the possibility of two local businesses operating under the same name, although some jurisdictions do not provide exclusivity for a name, or may allow more than one party to register the same name. Note, though, that this is not a substitute for filing a trademark application. A DBA filing carries no legal weight in establishing trademark rights. In

180-613: A business must offer a broad range of retail investment products and give consumers unbiased and unrestricted advice based on comprehensive and fair market analysis . In February 2011, it was confirmed that the new head of the FCA would be Martin Wheatley , formerly chairman of Hong Kong's Securities and Futures Commission . However, Wheatley's appointment was not put in front of the Treasury Select Committee for

225-714: A new regulatory structure consisting of the Bank of England's Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority. With effect from 14 September 2019, the FCA introduced strong customer authentication rules as required by the Revised Directive on Payment Services (PSD2), aiming to reduce fraud and improve security by requiring payment services providers to use two of

270-590: A number of innovative features including “balance peek” in 2015 and was the first bank in the world to deploy an app for Apple Watch at its launch in 2015. Tesco Bank sold its mortgage portfolio to Lloyds Banking Group in September 2019, and in February 2020, the bank also decided to stop offering current accounts to new customers. On 26 July 2021, Tesco Bank announced it will be closing all current accounts held by its customers, citing "limited activity". The bank

315-714: A plan to roll out in store branches, under the Tesco Bank branding. On 14 May 2016, Tesco Bank closed all three remaining branches, with a focus on being a completely online bank. In addition, there are over three hundred Tesco Travel Money Bureaux, an in store bureau de change , managed by a joint venture with Travelex . On 6 November 2016, British newspapers reported that customers of Tesco Bank were reporting that hundreds or in some cases thousands of pounds had been lost from their accounts, with some reporting unauthorised card transactions originating in Brazil. The following day,

360-500: A pre-appointment hearing. Instead, the Government stated it would put Wheatley and future chief executives forward for a pre-commencement hearing, i.e. after they had been formally appointed but before they began the role. In July 2015, Wheatley resigned his post at the FCA following a vote of no confidence by George Osborne . In September 2015, Tracey McDermott took over from Wheatley as acting chief executive. Andrew Bailey

405-713: A range of personal accounts, including credit cards, loans, savings accounts, insurance and foreign currency exchange. Mortgages were added in August 2012, after briefly offering products provided by First Active in November 2004. The bank confirmed in December 2013 that it planned to launch a current account, and the first account was launched on 10 June 2014. Tesco Bank launched its first mobile app in 2014, supporting its core transactional products (Current and Savings accounts as well as Credit cards). In subsequent years it launched

450-757: A refund under the Contingent Reimbursement Model Scheme, a voluntary scheme overseen by the Payment Systems Regulator that provides protections for customers of signatory firms, subject to a number of exclusions. The Office for Professional Body Anti-Money Laundering Supervision ( OPBAS ) is based within the FCA. It was established in January 2018 to oversee the 22 accountancy and legal professional bodies which supervise anti- money laundering compliance in view of

495-545: Is called a razón social . Financial Conduct Authority The Financial Conduct Authority ( FCA ) is a financial regulatory body in the United Kingdom . It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in

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540-662: Is registered in Scotland at 2 South Gyle Crescent, Edinburgh EH12 9FQ. While operating as a joint venture, the bank shared its registered office with RBS at St Andrew Square , Edinburgh. In July 2010, Tesco Bank opened two major offices at Quorum Business Park in Newcastle, and a larger one at Broadway One in Glasgow. Since then, there has also been an office opened in South Gyle, Edinburgh. During March 2009, Tesco initiated

585-424: Is too similar to a name that is already registered. Using one or more fictitious business names does not create additional separate legal entities. The distinction between a registered legal name and a fictitious business name, or trade name, is important because fictitious business names do not always identify the entity that is legally responsible . Legal agreements (such as contracts ) are normally made using

630-481: Is used, among others, such as assumed business name or fictitious business name . In Canada , " operating as " (abbreviated to o/a ) and " trading as " are used, although " doing business as " is also sometimes used. A company typically uses a trade name to conduct business using a simpler name rather than using their formal and often lengthier name. Trade names are also used when a preferred name cannot be registered, often because it may already be registered or

675-494: The Money Laundering Act 2017 . The authority has significant powers, including the power to regulate conduct related to the marketing of financial products. It is able to specify minimum standards and to place requirements on products. It has the power to investigate organisations and individuals. In addition, the FCA is able to ban financial products for up to a year while considering an indefinite ban. It has

720-403: The United Kingdom , there is no filing requirement for a "business name", defined as "any name under which someone carries on business" that, for a company or limited liability partnership, "is not its registered name", but there are requirements for disclosure of the owner's true name and some restrictions on the use of certain names. A minority of U.S. states, including Washington , still use

765-592: The FCA once the FSA ceases operations in 2013. Griffith-Jones joined the FSA board in September 2012, as a non executive director and deputy chair. Charles Randell became chair of the FCA and PSR in April 2018. In October 2021, he resigned from this position and is scheduled to leave the post in Spring 2022. On February 7, 2022, Richard Lloyd was named to begin serving as interim FCA chair from June 2022. In June 2013,

810-523: The FCA released a report from Simon Davis from Clifford Chance LLP inquiring into the events of 27/28 March 2014 relating to the press briefing of information in the FCA's 2014/15 Business Plan. The report recommended: On 16 December 2014, the Treasury select committee commenced taking evidence on the press briefing. Shortly thereafter, committee chair Andrew Tyrie said it looked as if the FCA had been guilty of an "extraordinary blunder" and had created

855-455: The FCA to identify potential risks early so they can take action to reduce the risks. There are more than 10,000 mutual societies in the United Kingdom. The FCA are responsible for registering new mutual societies, keeping public records, and receiving annual returns. Beginning December 31, 2012, independent financial advisers (IFAs) are legally obliged to follow Retail Distribution Review (RDR) rules. In order to be classed as an IFA,

900-508: The Financial Conduct Authority was criticised by the Parliamentary Commission on Banking Standards in their report "Changing Banking for Good", which stated: The interest rate swap scandal has cost small businesses dear. Many had no concept of the instrument they were being pressured to buy. This applies to embedded swaps as much as standalone products. The response by the FSA and FCA has been inadequate. If, as they claim,

945-490: The Royal Bank of Scotland's 50% stake in the company for £950 million, and the transaction was completed later that year. In October 2009, Tesco Personal Finance was renamed Tesco Bank. In February 2024, Barclays announced the acquisition of the bank's credit cards, loans and savings operations for £700 million, with Tesco retaining its insurance, ATMs, travel money and gift card operations. Tesco Bank provides

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990-418: The U.S., trademark rights are acquired by use in commerce, but there can be substantial benefits to filing a trademark application. Sole proprietors are the most common users of DBAs. Sole proprietors are individual business owners who run their businesses themselves. Since most people in these circumstances use a business name other than their own name, it is often necessary for them to get DBAs. Generally,

1035-551: The UK. In April 2015, the FCA created a separate entity, the Payment Systems Regulator (PSR), in accordance with section 40 of the Financial Services (Banking Reform) Act 2013. The PSR's role is "to promote competition and innovation in payment systems, and ensure they work in the interests of the organisations and people that use them". From May 2019 some victims of authorized push payment fraud are eligible to receive

1080-656: The United Kingdom. It focuses on the regulation of conduct by both retail and wholesale financial services firms. Like its predecessor the FSA , the FCA is structured as a company limited by guarantee . The FCA works alongside the Prudential Regulation Authority and the Financial Policy Committee to set regulatory requirements for the financial sector. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to

1125-685: The bank becoming a wholly owned subsidiary, and now operates under its own banking license under the Financial Services Compensation Scheme . The bank offers a range of insurance, credit cards, loans, savings, mortgages and travel products. Tesco Bank also launched a current account in June 2014, but has since stopped accepting new current account applications, and all existing current accounts were closed in November 2021. Tesco Bank customers can accumulate Tesco Clubcard points when they purchase finance products. Prior to

1170-525: The bank suspended online transactions, and made a statement saying up to 40,000 customers had been affected. Shares in the retails group fell 3% on the news. On Tuesday 8 November, the chief executive of the UK Financial Conduct Authority was asked for a summary of the issue by a Parliamentary committee, and said of the attack that "There are elements of this that look unprecedented and it is serious, clearly". The bank declared that

1215-407: The business. Numbered companies will very often operate as something other than their legal name, which is unrecognizable to the public. In Chile , a trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and the legal name of business is called a razón social (social name). In Ireland , businesses are legally required to register business names where these differ from

1260-534: The county or city to be registered with the State Corporation Commission. DBA statements are often used in conjunction with a franchise . The franchisee will have a legal name under which it may sue and be sued, but will conduct business under the franchiser's brand name (which the public would recognize). A typical real-world example can be found in a well-known pricing mistake case, Donovan v. RRL Corp. , 26 Cal. 4th 261 (2001), where

1305-474: The cyber attack resulted in the loss of £2.5 million. Later, United Kingdom's Financial Conduct Authority asked the bank to pay £16.4 million as the penalty. Trading as In a number of countries, the phrase " trading as " (abbreviated to t/a ) is used to designate a trade name. In the United States , the phrase " doing business as " (abbreviated to DBA , dba , d.b.a. , or d/b/a )

1350-687: The economy in the United Kingdom. On 19 December 2012, the Financial Services Act 2012 received royal assent , and it came into force on 1 April 2013. The Act created a new regulatory framework for financial services and abolished the Financial Services Authority . Specifically, the Act gave the Bank of England responsibility for financial stability, bringing together macro and micro prudential regulation, and created

1395-487: The following three types of authentication when customers make online payments over €30 in the EEA: The FCA published new Listing Rules in 2024, aiming to simplify the UK listings regime, marking the most significant changes in over three decades. These rules, effective from 29 July 2024, created a single listing category and streamlined eligibility criteria to encourage a wider range of companies to issue shares in

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1440-572: The formation of Tesco Personal Finance plc, Tesco had a banking joint venture with NatWest , which ended in February 1997. TPF was formed in July 1997, following the successful launch of Sainsbury's Bank by its main competitor, Sainsbury's . The bank was launched as a joint venture with the Royal Bank of Scotland, which processed all its financial transactions. Subsidiary companies of the Royal Bank, such as Direct Line , UKI and Lombard Direct helped Tesco Personal Finance provide insurance products. In July 2008, Tesco announced that they were buying out

1485-511: The increase in mortgage interest rates of the Bank of Ireland 's subsidiary of the United Kingdom. There had been calls for the resignation of chairman John Griffith-Jones because of his responsibility for auditing HBOS as chairman of KPMG at the time of the financial crisis of 2007–08 . There has also been criticism of Chief Executive Martin Wheatley because of his responsibility for the minibond fiasco in Hong Kong. On 10 December 2014,

1530-402: The law is to protect the public from fraud, by compelling the business owner to first file or register his fictitious business name with the county clerk, and then making a further public record of it by publishing it in a newspaper. Several other states, such as Illinois , require print notices as well. In Uruguay , a trade name is known as a nombre fantasía , and the legal name of business

1575-399: The legal name of business is called a razón social (social name). In Brazil , a trade name is known as a nome fantasia ('fantasy' or 'fiction' name), and the legal name of business is called razão social (social name). In some Canadian jurisdictions , such as Ontario , when a businessperson writes a trade name on a contract, invoice, or cheque, they must also add the legal name of

1620-461: The named defendant, RRL Corporation, was a Lexus car dealership doing business as " Lexus of Westminster ", but remaining a separate legal entity from Lexus, a division of Toyota Motor Sales, USA, Inc. . In California , filing a DBA statement also requires that a notice of the fictitious name be published in local newspapers for some set period of time to inform the public of the owner's intent to operate under an assumed name . The intention of

1665-401: The power to instruct firms to immediately retract or modify promotions which it finds to be misleading and to publish such decisions. Furthermore, the FCA is able to freeze assets of individuals or organisations under investigation, regardless of whether they are innocent or guilty. The authority has been responsible for regulating the consumer credit industry since 1 April 2014, taking over

1710-403: The registered legal name of the business. If a corporation fails to consistently adhere to such important legal formalities like using its registered legal name in contracts, it may be subject to piercing of the corporate veil . In English , trade names are generally treated as proper nouns . In Argentina , a trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and

1755-592: The regulators do not have the power to deal with these abuses, then it is for the Government and Parliament to ensure that the regulators have the powers they need to enable restitution to be made for this egregious mis-selling.—"Changing Banking for Good: Report of the Parliamentary Commission on Banking Standards", House of Lords , House of Commons The FCA was rebuked by the Treasury Select Committee for lack of concern over

1800-491: The role from the Office of Fair Trading . In July 2023, the FCA announced reforms aiming to curb the use of social media by 'finfluencers' to encourage the purchasing of harmful financial products by UK consumers. Among the reforms was a ban on crypto incentives, such as 'refer a friend' bonuses, a compulsion for finfluencers to have clear risk warnings and for products to have a 24-hour cooling period to give first-time investors

1845-459: The surname(s) of the sole trader or partners, or the legal name of a company. The Companies Registration Office publishes a searchable register of such business names. In Japan , the word yagō ( 屋号 ) is used. In Colonial Nigeria , certain tribes had members that used a variety of trading names to conduct business with the Europeans. Two examples were King Perekule VII of Bonny , who

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1890-469: The term trade name to refer to "doing business as" (DBA) names. In most U.S. states now, however, DBAs are officially referred to using other terms. Almost half of the states, including New York and Oregon , use the terms assumed business name or assumed name ; nearly as many, including Pennsylvania , use the term fictitious name . For consumer protection purposes, many U.S. jurisdictions require businesses operating with fictitious names to file

1935-506: The time to adequately consider their investment decision. The move came following a significant rise in social media promotion of financial products by finfluencers in 2022, with 14 times more having been posted than the previous year. The Financial Services Act of 2012 set out a new system for regulating financial services in order to protect and improve the UK's economy. The FCA will supervise banks to ensure they treat customers fairly, encourage innovation and healthy competition, and help

1980-537: Was appointed chief executive on 26 January 2016. After Bailey moved to become the Governor of the Bank of England , it was announced that Christopher Woolard would become the Interim Chief Executive. In June 2020, it was announced that Woolard would be succeeded on a permanent basis by Nikhil Rathi . In June 2012, it was confirmed that John Griffith-Jones would become the non executive chair of

2025-553: Was known as Captain Pepple in trade matters, and King Jubo Jubogha of Opobo , who bore the pseudonym Captain Jaja . Both Pepple and Jaja would bequeath their trade names to their royal descendants as official surnames upon their deaths. In Singapore , there is no filing requirement for a "trading as" name, but there are requirements for disclosure of the underlying business or company's registered name and unique entity number. In

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