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Lloyds calls a halt to packaged account sales

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Lloyds TSB has placed a temporary ban on the sale of controversial "packaged" current accounts, which will not be sold in branches or over the phone from January 1.

 

These accounts, which can cost up to £300 a year, have been widely sold in recent years, and offer a range of additional perks, including travel insurance, breakdown cover and mobile phone insurance. But the regulator has been concerned that many people paying for such accounts do not always make use of the benefits, either because their age or a medical condition disqualifies them from cover or because they may already have bought such insurance separately.

 

Last year concerns were raised that some banks were incentivising staff to sell these "premium" accounts, which could lead to unsuitable sales. New rules, due to come into force in March, will require banks to check whether customers can claim on the insurance products included before recommending a packaged account. A spokesman for Lloyds TSB denied that the temporary ban was because of concerns about mis-sold accounts. He said it was to "harmonise the way these accounts are sold between Halifax and Lloyds TSB branches" - both are now part of the Lloyds Banking Group.

 

 

Currently Lloyds TSB will recommend one of the packaged accounts in its range. The bank offers four different packaged accounts, with prices ranging from £9.95 a month to £25 a month. In contrast, Halifax staff don't recommend a particular product but provide information on the various current accounts; the customer will then decide which one they want.

 

Link; http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/9756771/Lloyds-calls-a-halt-to-packaged-account-sales.html


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