Dramatic Increase in Packaged Bank Account ComplaintsAug 28, 2017
The Financial Ombudsman Service (FOS) has reported that complaints about credit brokers and packaged current accounts are increasing.
Figures show that there has been a dramatic increase of almost 10,000 enquiries within both areas in comparison to last year figures.
The increase in enquires to the FOS has seen an extra 6,000 cases brought against packaged bank account providers, with only 167 so far against credit brokers.
Packaged bank accounts are paid for accounts that have additional features such as home, mobile, and travel insurance to free overdrafts. They are sometimes referred to as “reward” or “value added” accounts and usually cost between £5 and £25 a month. This kind of account would usually be deemed good value, even for someone who isn't likely to use all of the features within the package, but unfortunately they aren't for everyone.
Complaints that the FOS currently receive regarding packaged bank accounts range from being pressured into taking out the account, to being recommended a package that was unsuitable for them. In these instances, the accounts were mis-sold to the consumer.
The FOS are an independent service set up as a result of the Financial Services and Markets Act 2000 and help settle disputes between businesses providing financial services and their customers.
If you would like more information or to see if you have been mis-sold a package bank account you are welcome to fill out our short claim form. Please note that as a claims management company, if your claim is successful a fee will be payable for our services.
More details can be found on our terms and conditions page.
Managing Director Simon Chorlton commented:
“I’m delighted to say that as a company we have recently begun providing a service whereby our customers can enquire about mis-sold Packaged Bank Accounts, and potentially make a claim if they come within the mis-sold PBA guidelines.
“We are continually striving to help customers reclaim compensation that is rightfully theirs as result of being mis-sold a product or service that in many instances was inappropriate for them.”