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Packaged account holders to get eligibility statements

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Banks offering insurance and other perks as part of paid-for 'packaged accounts' will be forced to send letters to their customers telling them whether they are eligible for the benefits that they are paying for.

 

The Financial Services Authority (FSA) said that from March 2013, banks will have to send eligibility statements to these account customers, separately from other information about their accounts. "This will make the statements more prominent," a spokesman said. Packaged accounts are current accounts which come bundled up with a range of insurance policies and other features. The fees can be as high as £25 a month and one in five of the UK adult population has one of these accounts. The FSA has been investigating the sale of these accounts after complaints that some people are paying for insurance that they cannot use.

 

A particular problem is where people are too old to use the travel insurance that comes with their account- which usually has an upper age limit. The Financial Ombudsman, which deals with complaints from the public about financial companies, said that it receives around 30 complaints a week about packaged accounts.

 

"We do receive a significant number of complaints about the products 'packaged' with the accounts, from mobile phone insurance to travel insurance," a spokesman for the ombudsman service said.

 

"These problems tend to arise when people come to make a claim – only to find that their policy offered only limited cover or pays out only under the most particular of circumstances".

 

Other complaints about these accounts include people not realising that they had a packaged account or how much it would cost.

 

Link: http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/9746271/Packaged-account-holders-to-get-eligibility-statements.html


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