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Mis-sold Packaged Bank Account

What is a Packaged Bank Account?

A Packaged Bank Account – sometimes called a “paid-for account” – is a bank account when the bank usually charges a monthly fee in return for a range of insurance and non-insurance based benefits such as travel insurance, mobile phone insurance, vehicle breakdown cover, preferential loan or overdraft rates, emergency home callouts for tradesmen, discounts at shops or other services such as access to airport lounges.

Each bank usually has its own name or branding for these accounts to reflect the degree of benefits that are provided, also to reflect the superior nature of certain accounts – some examples are silver, gold, platinum, premier, additions plus, advantage, advantage gold.

Consumers typically pay between £5 and £25 each month for a packaged account. Around one in five adults in the UK has one of these accounts*

Packaged accounts can be a good option for many people to save them time and money in not having to purchase the benefits individually. These accounts can work well as long as consumers understand what the benefits are, how they work and how much they cost.

*FSA Consultation Paper CP12-17

Obligations of the Adviser or Sales Person for Sales of Packaged Bank Accounts

Some key obligations

How was this service mis-sold?


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