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Mis sold Packaged accounts

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  • Mis sold Packaged accounts

    Hi folks

    As this is in regards of bank accounts, I thought I shall post here.

    Since opening a bank account (even my very first was never free) and with being young then I always thought we had to pay monthly fees for an account, even basic they charged service charges etc.

    Over the years when I was with Lloyds (I closed my account with them a few years ago) 2009 and moved on to another where there are better and cheaper benefits included (but at least I know now its matter of choice) where I did not before.

    Some of the benefits included in the account packages were not suited for me, maybe one or 2 but never them all. So back a year ago I raised this up with Lloyds, but never got anywhere, as this was quite a new thing.
    I ended up going to the FOS.

    Well after forwarding extra info, they taken it into account and agreed to uphold it, I think this may go back to about 1996/1997 not too sure on that yet, but I did find statements on every account I had with them, Gold, Premier, Platinum and so on, the last one we had for a few years was the one we paid £25 a month.

    However, although the Adjudicator agreed and upheld, this will depend on Lloyds now, if needs be I will still be happy if it went to the ombudsman, we shall see.

    Email received yesterday ;-)

    Dear Mr and Mrs


    I can confirm that having reviewed the evidence provided it did persuade me that you were under the impression that you had to pay a fee for your Lloyds TSB account.

    I have written to Lloyds TSB explaining this and recommending that the complaint should be upheld. I am waiting to hear whether Lloyds TSB accept my recommendations - if it does not it may provide further information for me to review.

    I will update you again once I have received a response from Lloyds TSB.

    Thank you for your continued patience.

    Yours sincerely


    Adjudicator
    Financial Ombudsman Service
    South Quay Plaza | 183 Marsh Wall | London | E14 9SR
    ':
    7:
    *:
    Tags: None

  • #2
    Re: Mis sold Packaged accounts

    Lloyds does not agree that the complaint should be upheld and have sent further info, the adjudicator says she will review, but if she still agrees the complaint be upheld and lloyds do not, then it will be forwarded to the Ombudsman for the final review......
    I expected this to happen to be honest!!!

    But hey, whats another year??? lol I'm used to 4 lol! :tung:

    Comment


    • #3
      Re: Mis sold Packaged accounts

      Can anyone remember if the Adjudicator allows you to know the further info the bank/business sent them in regards of them not agreeing to the Adjudicators decision?

      So if I requested if they could let me know on what further info they received from the bank - would they tell me at this point does anyone know please?

      Not had much dealings in recent years with them really lol.
      Cheers.

      Comment


      • #4
        Re: Mis sold Packaged accounts

        Email from my Adjudicator in regards of mis selling of bank account packages. My point is that since banking with Lloyds in the mid 90's I was being charged each month as I was not informed of free accounts and assumed back then all accounts had monthly payments. And not everything in the packages was anything we needed as we already had cover. Our adjudicator did agree to uphold but Lloyds does not agree, so below the email received says details on why Lloyds does not agree, but the Adjudicator is reviewing further. Please can anyone tell me your thoughts on this? Much appreciated thank you. (Or do you think Lloyds are just thinking of anything to prolong) as I don't think what they are saying excuses the fact that they still kept upgrading our accounts all the way to the top, as most were done automatically, and little did we know then we could have downgraded or even had a free acount)? thanks again.

        .................................................. .........................

        Dear Mr and Mrs XXXXX

        I am writing to update you on the progress of your complaint.

        In the further information Lloyds provided, it made reference to the fact you have benefitted from a preferential rate on your overdraft and an interest free portion by holding the packaged accounts. I have asked Lloyds to calculate the benefit you received, in relation to the cost.

        This complaint has been passed to a different case handler at Lloyds to review (the previous case handler has now moved to TSB). As such, I have asked the new case handler to provide me with these calculations, and I have also invited her to review my initial conclusions upholding your complaint.

        I have asked Lloyds to provide me with the calculations by 8 October 2013. I am sorry for the delays but once I have received these calculations I will be in a better position to form an opinion on the complaint.

        If you have any questions, please let me know.

        Yours sincerely


        Adjudicator

        Comment


        • #5
          Re: Mis sold Packaged accounts

          Email yesterday, am losing hope. Any help on this please, thanks.


          Dear Mr and Mrs

          Thank you for your email. Your comments have been noted and attached to your file.

          It may help to clarify that Lloyds TSB has stated that you have made savings through having a preferential rate on your overdraft facility which was only available to customers holding packaged bank accounts.

          Therefore I will need to review the rate applied on both fee free accounts and the packaged accounts you held along with how much you were overdrawn during each period.

          I will update you again once I have completed my review. If you have anything further to add please let me know.

          Yours sincerely


          Adjudicator
          Financial Ombudsman Service

          Comment


          • #6
            Re: Mis sold Packaged accounts

            Upheld in part in the Ombudsman "Provisional Decision" this was therefore upheld on the Premier Account, but for them to reconsider on the other 2 accounts, Platinum and Gold I can submit further info.

            It appears that the Adjudicator never passed on the relevant statement to prove the Gold account was upgraded a month or so after a loan being taken out.
            The Ombudsman said there was no statements/evidence to show that they were taken out separate times so it persuaded her that we had agreed to the account upgrade (GOLD) to have the preferential rate loan. (I have this statement to prove otherwise and its obvious the Adjudicator (now left the FOS) did NOT pass this info on, but i have it in black and white.

            Looks like the Adjudicator failed to forward some of our previous submissions.

            Comment

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