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FSA 'right to act to avoid PPI claim-style scandal'

Consumer Focus has said the Financial Services Authority's (FSA) decision to investigate packaged bank accounts is the right course of action.

Banking customers need to be able to trust their financial provider, said Sarah Brooks, director of financial services at the charity.

"We have raised our concerns with the FSA that many consumers may have been mis-sold accounts, which mean they pay for extras they don't actually need or use," the expert added.

She expressed concerns that packaged bank accounts may have been mis-sold in a similar manner that led thousands of consumers to claim PPI refunds from their banks and credit card providers.

Ms Brooks stated that the FSA was right to propose action to make banks check customers are eligible for the insurance that is provided by many of the packaged bank accounts.

According to recent research from Defaqto, the number of these accounts available in the UK has doubled since 2006.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking. ADNFCR-2776-ID-800778459-ADNFCR



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