Mis-sold Packaged Bank Accounts
If you are paying a monthly fee to your bank for your current account, there is a good chance that you may be one of the MILLIONS of people who have been mis-sold a ‘Packaged Bank Account’ (PBA) and could qualify to make a claim for compensation.
The Financial Ombudsman Service is currently receiving an increasing number of complaints from people who feel that they have been sold this type of account.
If you don’t know if you have been mis-sold a PBA, if you don’t know how to make a claim, if you are not confident of making a claim yourself or if you don’t have the time to do it, then that’s where we can help.
We are ready to step in and reclaim the money that’s owed to you.
What Are Packaged Bank Accounts?
A ‘packaged bank account’ is a bank account where you pay a monthly fee to get access to a number of additional benefits such as: discounted mobile phone insurance, car breakdown cover or travel insurance.
Although in some circumstances the additional benefits can offer good value for money, in reality many customers have ended up paying a monthly fee for something they didn’t want, didn’t need or did not qualify to make a claim against the protection provided.
How Were Packaged Bank Accounts Mis-Sold
In September 2012 the FCA published a report on the banks poor practices which stated that their staff had been driven to sell a number of their products on the back of sales incentives schemes which had contributed to the mis-selling scandal.
Since they were first launched, the banks have made massive profits every year by selling Packaged Bank Accounts.
The number of complaints being received and the reasons for the complaints have suggested that these accounts were mis-sold in a number of ways, which include:
- The Terms and Conditions of the account had not been fully explained to the customer
- The product was unsuitable for the customer
- The bank staff implied that the customer had to have a packaged account, as there was no alternative
- The customer was not aware that they had a Packaged Account
- Customers being told that they had to have a packaged account to have a loan approved
- Current accounts being upgraded to packaged accounts without the customers knowledge
The number of complaints with these accounts have rocketed and the FCA are continuing to investigate both Packaged Bank Accounts.