New rules on packaged bank accounts have improved standards, but firms have more work

[Legal Beagles]

The Financial Conduct Authority (FCA) has today published findings from its thematic review of packaged bank accounts. In 2013, the FCA introduced new rules on packaged bank accounts. These were designed to help customers understand whether the product was right for them. Firms are now required to establish and record…
Read More -> New rules on packaged bank accounts have improved standards, but firms have more work to do on sales and complaints handling | FCA


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[Snoopy1948]

Re: New rules on packaged bank accounts have improved standards, but firms have more

I have always looked on packaged bank accounts as edging towards the sale of extended warranties where the money spent may have been better 'squirreled away' for that rainy day need. Am I right is thinking that all packaged bank accounts are fee paying? For me, it would never be a paid for bonus as I rarely travel ( i.e. where travel insurance out of the country is a necessity ) and my breakdown insurance comes with my car ( a Toyota, first year free, subsequent years at phenomenal discounts ). Mobile phone insurance may be good as I have just recently got my first iPhone but that is about all. However, for people who travel frequently, people who never arrange breakdown motoring cover and people who lose phones, this may well be a good thing. AS the report states, eligibility is still not being tested with any commitment and I wonder why that is. And my next question would be are those 'benefits' a universal panacea for all ills or are there the usual dreaded Ts & Cs to be thrown into the 'awareness' pot?

However, as banks work on increasingly tough constraints, I am wondering whether the days of the free bank account are limited. Perhaps at that point, the inclusion of benefits may well be a thing of the past. After all, benefits are only packaged to generate income for the bank ..... or are my rose tinted spectacles getting a tad grimy? :tinysmile_cry_t: