The banks have a new PPI scandal to deal with

New PPI scandal
27 May 2016

While the PPI scandal goes on and on, it looks like our banks are going to have a new problem to content with.

Over the last 12 months, we've seen double the amount of people complaining about packaged bank accounts, according to figures from the Financial Ombudsman Service.

What are packaged accounts? Well, banks offer customers a number of services, wrapped up in one bundle. So, you might get breakdown cover, phone insurance and such, all bunched together, for a set monthly fee.

Of course, if you actively want these products, they can be really good and save you money. However, it looks like a number of people have been sold them when they didn't need them, and in some cases, couldn't use them.

We could be looking at yet another mis-selling scandal.

The new figures show that packaged bank account complaints doubled to 44,244 in the past year, and with people increasingly aware of this as a problem now, we could see even more complaints.

Some banks have pressured customers into taking these deals, telling them that they can't get loans, cards, or overdrafts, unless they have a packaged bank account.

Seeing as banks are required to not sell you things you don't need, this could be another massive problem for them, resulting in a lot of compensation for customers.

What's the pointing in forcing a sale for breakdown cover when the customer in question doesn't have a car?

What Do I Do If I've Been Mis-sold A Packaged Bank Account?

First off, check what type of account you have. If you got convinced to get a certain type of account, and you think you were mis-sold products, then you need to contact your bank and make a complaint.

If you think your bank are not playing ball, then you can take your complaint up with the Ombudsman. Call them free on 0800 023 4567.

TOPICS:   Banking

1 comment

  • Fattycluckcluck

    Good luck with contacting the Ombudsman if your bank says no. It took them 18 months to process my "claim" only to say no.

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