Supermarket giant Tesco may be under scrutiny from the Serious Fraud Office for overstating its profits. But its banking arm is seemingly in benevolent mode, busy handing out cash like confetti at a wedding and in the process depleting profits. Last week, a customer of Tesco Bank took time out from looking after her newborn son, Sholto (unusual name but doing very well on all accounts), to tell me that she had just received an unexpected gift from the challenger bank – a cheque for ‘in excess of £100’. Very happy, she was. Alas, it transpires that the bank’s generosity has nothing to do with it acknowledging Sholto’s recent birth (that’s a shame because I really would like to praise a bank one of these days). But it does have everything to do with its serial breaching of the 1974 Consumer Credit Act.....Read more here