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Bank claims news: Insurers offering 'useless packages'

More consumers could be looking for bank refunds in the near future, as institutions are said to be pushing "useless" insurance packages onto customers.

According to analysts at Defaqto, there is a growing number of banks and insurers who are offering expensive cover that is not required.

Indeed, the organisation's banking specialist David Black told This is Money that Britons need to be careful what they sign up for when they take out a loan, credit card or mortgage.

"There is a huge appetite in banks for selling these kinds of products to existing customers - banks like to call it 'deepening the relationship'," he was quoted as saying.

In many cases, insurers are encouraging vulnerable customers to take out a policy for electronic goods that are already protected by existing home contents cover.

The Financial Ombudsman Service revealed yesterday (January 17th) that the number of payment protection insurance claims it has been forced to deal with has grown sharply in the past year.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801268215-ADNFCR

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