Advertisement

  1. National

Regulator begins investigation over Tesco profits

The Financial Conduct Authority has begun a full investigation into Tesco after the supermarket overstated its half-year profits by £250m, the company has announced.

Tesco's new chief financial officer will begin his role three months earlier following the shock profit warning.

Alan Stewart will start immediately rather than at the beginning of December after it revealed an accounting issue had seen the chain overstate its first half-year profit.

View all 21 updates ›

Tesco-owned Homeplus in data leak probe in S Korea

Tesco-owned Homeplus investigated over alleged customer data leak in South Korea Credit: PA Wire

An investigation has been launched into allegations Tesco-owned Homeplus in South Korea sold customer information to insurance companies.

Former and current executives of Homeplus, which has more than 400 stores in South Korea, have been asked to remain in the country while investigations continue.

It has been reported that the information was collected during in-store prize giveaways and sold to insurance companies for millions of pounds.

A Tesco spokesperson said: “We can confirm our South Korean business, Homeplus is under investigation regarding the handling of customer data. "We take the protection of our customers’ data extremely seriously and are co-operating with the investigation."

  1. Read more
  2. 21 updates
Regulator begins investigation over Tesco profits

More top news