The FSA has issued new rules to ensure that customers are not missold a packaged bank account.
The Financial Services Authority (FSA) is clamping down on how packaged bank accounts are sold to prevent customers from “throwing money down the drain”. Packaged accounts, where customers pay a monthly fee for their account in return for freebies and perks, are big money spinners for banks. Extras thrown in alongside a current account typically include travel insurance, breakdown cover, mobile phone insurance and discounts on overdraft fees.
But fees for such perks can cost up to £300 ye