Latest news with #DanielTurnbull
Scottish Sun
5 days ago
- Business
- Scottish Sun
UK banks ranked best to worst based on customer service – where is YOURS on the list?
Digital providers have come out on top in the latest rankings OUT OF SERVICE UK banks ranked best to worst based on customer service – where is YOURS on the list? Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) UK banks have been ranked from best to worst based on their customer service, with digital providers coming out on top. The large-scale annual survey, published by the Competition and Markets Authority (CMA), scores banks on a range of services including online banking, overdrafts and in-store experience. Sign up for Scottish Sun newsletter Sign up 3 Monzo has come out on top as the bank with the best overall customer service in the UK Credit: PA:Press Association Monzo has been crowned the number one bank for consumers in Britain and Northern Ireland. The popular online challenger, which operates entirely through a mobile app, currently has over 13million customers in the UK. Two other digital banks, Chase and Starling, were ranked in joint second for their customer service. Nationwide and Starling, meanwhile, ranked as the second and third best banks respectively for customer service in Northern Ireland. Royal Bank of Scotland was found to have the worst customer service out of the 17 personal current account providers that were ranked. 3 3 Out of the business current account providers, Monzo again came out on top, while Mettle, a new online bank for sole traders and companies of up to two owners, came in second. The Co-Operative Bank was ranked as Britain's worst business current account provider for customer service. Introduced by the CMA as part of its Retail Banking Order, the banking satisfaction survey is an annual review carried out by research companies Ipsos and BVA-BDRC. The survey asks around 1,000 customers of each of the 17 biggest personal current account providers in Britain and around 500 customers of each of the 12 biggest personal current account providers in Northern Ireland if they would recommend their provider to friends and family. The results represent the view of customers who took part in the survey, which was carried out between July 2024 and 2025. Major British bank with 5million customers could disappear after sale to Spanish rival is approved Banks must display the results of the survey prominently both online and in branches, so customers can see how their branch is faring. CMA director of markets Daniel Turnbull said: 'This data puts power into customers' hands. "Whether it's for a personal or business account, people can see how their bank fares against others – and stay or switch, according to their needs. "It also puts pressure on banks to listen to feedback and think about whether the services they provide are really working for customers.' Karen Tiltman, general manager for UK operations at Monzo, said topping the tables is 'a recognition of the hard work and dedication of everyone at Monzo'. SWITCH AND EARN Banks are always looking for ways to attract new customers, and many offer free cash if you make the switch. Right now, you can get up to £175 in cash and freebies by setting up a new account or switching. Barclays is offering £175 to new customers who switch to a Barclays Bank Account or Premier Current Account. You can apply through the Barclays app, and you must complete a full switch through the Current Account Switch Service (CASS) to get the offer. First Direct is also offering new customers £175 for switching to its 1st Account. NatWest, meanwhile, is offering a £125 switching incentive to new customers, and you can earn an additional £50 by opening a linked savings account. Deals like this come and go regularly so its worth moving quickly if you think it's for you, as they can be pulled at any time. But beware – you'll need to tick off a list of strict requirements before that free cash lands in your new bank account. Check the terms and conditions for the bank you're planning on switching to before moving over. How do I switch bank accounts? SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Yahoo
06-03-2025
- Business
- Yahoo
Co-op admits breaches of competition order and illegal land use
British co-operative group Co-op has acknowledged a total of 107 instances in which it failed to adhere to the Groceries Market Investigation (Controlled Land) Order 2010. The regulation ensures competitive practices by prohibiting illegal agreements regarding land use in the grocery sector. The order was established to prevent supermarkets implementing restrictive measures that could hinder competitors from setting up nearby stores. It also prohibits the use of exclusivity arrangements that restrict landlords from leasing property to competing stores if an incumbent supermarket is already present, particularly when these arrangements extend beyond a five-year duration. Operating 2,400 outlets nationwide, the supermarket entity holds a market share of 5.2% within the UK's grocery market, which is valued at £190.9bn. The UK Competition and Markets Authority (CMA) has expressed concern over the substantial number of violations, indicating a noteworthy lapse in regulatory compliance for an organisation of Co-op's stature. Co-op has rectified 104 of these agreements and committed to address the remaining three. The CMA's mandate is to ensure that supermarkets engage in fair competition, which ultimately provides shoppers with greater choice, access to a broader selection of groceries and lower prices. CMA markets senior director Daniel Turnbull said: "Restrictive agreements by our leading retailers affect competition between supermarkets and impact shoppers trying to get the best deals. 'We know that Co-op has made a considerable effort to amend all their unlawful agreements, given this order has been in place since 2010. Co-op and the other designated retailers must make sure they do the right thing by their customers in the future." The CMA's enforcement of the order against Co-op is part of a broader initiative to maintain competitive conditions within the industry. This has seen similar actions taken against other retailers for breaches of the same order, including Morrisons with 55 breaches in 2023, Waitrose in 2022 with 7 breaches and Tesco in 2020 with 23 breaches The CMA also investigates loyalty pricing strategies and conducting a market study into infant formula markets. "Co-op admits breaches of competition order and illegal land use" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
05-03-2025
- Business
- Yahoo
Co-op unlawfully blocked 100 rival store openings
The Co-op has admitted to unlawfully blocking more than 100 rival supermarkets from opening branches near to its stores. The UK's competition watchdog found Co-op had breached an order which limits supermarkets' ability to prevent nearby land being used by rival retailers. Blocking other grocers from opening nearby hits competition between supermarkets and means shoppers have less choice when trying to get cheaper prices, the Competition and Markets Authority (CMA) said. A spokesperson for Co-op, said: "This is a matter we take very seriously, and we have taken all necessary action to ensure this issue is resolved and does not happen again." The Co-op admitted 107 breaches of the Groceries Market Investigation (Controlled Land) Order 2010. It has re-written 104 agreements and agreed to resolve three others, the CMA said. It released a list of the 107 locations. The Co-op's spokesperson added: "As a business that is committed to operating fairly, we recognise this is extremely disappointing." The Co-op owns almost 2,400 stores across the UK and holds a 5.2% market share in the UK's £190.9bn supermarket industry, according to the CMA. The chain said the number of breaches amounted to "less than 2% of transactions" across its property portfolio, which includes its supermarkets and funeral directors. Many of the UK's biggest supermarkets have also breached the land order in recent years, but not to the extent that Co-op was found to in the CMA's latest action. Tesco 23 breaches in 2020 Waitrose 7 breaches in 2022 Sainsbury's 18 breaches in 2023 Asda 14 breaches in 2023 Morrisons 55 breaches in 2023 Marks and Spencer 10 breaches in 2023 Daniel Turnbull, senior director of markets at the CMA said: "Restrictive agreements by our leading retailers affect competition between supermarkets and impact shoppers trying to get the best deals." The order bans new restrictive covenants which prohibit land being used for a supermarket. It also bans exclusivity arrangements which prevent landlords from allowing stores to compete with an existing supermarket which were over five years long. Sainsbury's and Asda told not to block rival stores Tesco told not to block rival supermarkets
The Guardian
05-03-2025
- Business
- The Guardian
Co-op admits blocking rivals from setting up nearby shops
The Co-op has admitted to more than 100 breaches of a rule which prevents supermarkets blocking rivals from opening competing shops nearby. The competition watchdog said the substantial number of breaches by the mutual, which has nearly 2,400 stores, represented 'a significant failure of compliance for a business of Co-op's size'. The Co-op, which markets itself as an ethical business, has already rewritten 104 of the rogue agreements, which placed restrictions on land use, and has agreed to resolve a further four, according to the Competition and Markets Authority (CMA). The CMA introduced a rule in 2010 which banned the use of restrictive clauses prohibiting a piece of land or a building from being used for a supermarket to block rivals opening nearby stores, hindering competition. The law was brought in amid concerns about supermarkets amassing 'land banks' of unused property to prevent competitors building new stores near their outlets. It was also once commonplace in the grocery industry to place controls on the activity of those taking a lease on, or even buying, the land in order to control competition. Some also employed lengthy exclusivity agreements to prevent, for example, a convenience store from opening in the same block. Such actions were outlawed under the 2010 rules. Daniel Turnbull, senior director of markets at the CMA, said: 'Restrictive agreements by our leading retailers affect competition between supermarkets and impact shoppers trying to get the best deals. 'We know that Co-op has made a considerable effort to amend all their unlawful agreements, given this order has been in place since 2010. 'Co-op and the other designated retailers must make sure they do the right thing by their customers in the future.' A spokesperson for the Co-op, which is understood to be reviewing how the breaches came about, said: 'As a business that is committed to operating fairly, we recognise this is extremely disappointing. 'Co-op operates in a range of markets, both as a community retailer and a national funeral provider and the number of breaches amount to less than 2% of transactions across our entire property portfolio. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion 'This is a matter we take very seriously, and we have taken all necessary action to ensure this issue is resolved and does not happen again.' The CMA said the action against the Co-op was part of a wider effort to enforce the 2010 rule. The Co-op, which has a large estate of small outlets, was found to have the longest list of sites with incorrect restrictions in a series of breaches found by the watchdog. The CMA has previously taken action on similar breaches of the same rules beginning with Tesco in 2020 (23 breaches), after an investigation by the Guardian. The CMA has also taken action against Waitrose in 2022 (7 breaches); Sainsbury's (18 breaches); Asda (14 breaches) in 2023; Morrisons (55 breaches); and Marks & Spencer (10 breaches) in 2023.
Yahoo
05-03-2025
- Business
- Yahoo
Co-op unlawfully blocked 100 rival store openings
The Co-op has admitted to unlawfully blocking more than 100 rival supermarkets from opening branches near to its stores. The UK's competition watchdog found Co-op had breached an order which limits supermarkets' ability to prevent nearby land being used by rival retailers. Blocking other grocers from opening nearby hits competition between supermarkets and means shoppers have less choice when trying to get cheaper prices, the Competition and Markets Authority (CMA) said. A spokesperson for Co-op, said: "This is a matter we take very seriously, and we have taken all necessary action to ensure this issue is resolved and does not happen again." The Co-op admitted 107 breaches of the Groceries Market Investigation (Controlled Land) Order 2010. It has re-written 104 agreements and agreed to resolve three others, the CMA said. It released a list of the 107 locations. The Co-op's spokesperson added: "As a business that is committed to operating fairly, we recognise this is extremely disappointing." The Co-op owns almost 2,400 stores across the UK and holds a 5.2% market share in the UK's £190.9bn supermarket industry, according to the CMA. The chain said the number of breaches amounted to "less than 2% of transactions" across its property portfolio, which includes its supermarkets and funeral directors. Many of the UK's biggest supermarkets have also breached the land order in recent years, but not to the extent that Co-op was found to in the CMA's latest action. Tesco 23 breaches in 2020 Waitrose 7 breaches in 2022 Sainsbury's 18 breaches in 2023 Asda 14 breaches in 2023 Morrisons 55 breaches in 2023 Marks and Spencer 10 breaches in 2023 Daniel Turnbull, senior director of markets at the CMA said: "Restrictive agreements by our leading retailers affect competition between supermarkets and impact shoppers trying to get the best deals." The order bans new restrictive covenants which prohibit land being used for a supermarket. It also bans exclusivity arrangements which prevent landlords from allowing stores to compete with an existing supermarket which were over five years long. Sainsbury's and Asda told not to block rival stores Tesco told not to block rival supermarkets
