We told you about the spike in complaints about paid-for, and packaged current accounts that banks have been offering. It very much looks like this is going to be the new PPI scandal, with people wanting compensation after being mis-sold these products.
The Financial Ombudsman and Financial Conduct Authority have seen a dramatic increase in complaints regarding these, and the banks of the UK have put aside £1 billion to sort this out.
Customers are unaware that they've been signed-up for these things, getting a host of 'perks' that they don't need or want. In some cases, they can't even use the bonuses offered.
If you think that you have a case - that you have been mis-sold one of these accounts - then there's a free letter template you can use, and send off to your bank's complaints department.
Do keep a copy of your complaint yourself, and wait 8 weeks for your bank to mull it over. If you think your bank are fobbing you off, you can upgrade your complaint to the Financial Ombudsman Service.
The template letter is from ThisIsMoney, and of course, you can reword it however you like. Cut and paste it into a word document and edit it as you wish.
Here's the free letter template to try and get compensation for a mis-sold paid-for current account
[Your name and address]
[Name and address of your bank's complaint department]
Dear Sir or Madam,
Re: Account number: [Your account number]
I am writing in relation to the above current account which I believe was mis-sold to me.
I have had the account since [insert date]. I believe the account was not the correct one for me and am requesting a full refund of the fees plus any interest owed.
I look forward to your response within the next eight weeks [insert future date]. Failure to do so will see me taking my complaint to the Financial Ombudsman Service.
I have attached any relevant documents and statements I believe will help you investigate. [delete if you don't]
Here are the reasons I believe the account was mis-sold:
[Delete the reasons that do not apply to you]
- I didn't know the current account came with a monthly fee.
- I don't remember ever agreeing to pay a fee in order to have this account.
- It was upgraded from another account I had without my knowledge.
- It came with travel insurance which I wasn't eligible to use.
- It came with insurance products which I wasn't eligible to use.
- I was told it was necessary for me to have this particular account in order to be accepted for a loan / mortgage / overdraft [delete where applicable]
- I was told I wouldn't be accepted for a fee-free account.
- I was told I needed one in order to have a debit card to use for free at ATMs.