Forum Home» Budgeting & Bank Accounts

MSE News: FSA rules to be tightened on packaged current accounts

New Post Advanced Search

MSE News: FSA rules to be tightened on packaged current accounts

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
2 replies 1.3K views
MSE_GuyMSE_Guy MSE Staff
1.7K posts
I've been Money Tipped! Newshound! Chutzpah Haggler
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
This is the discussion thread for the following MSE News Story:

"Rules to ensure providers check customers are eligible to claim on insurance before selling a packaged account have been proposed ..."

Replies

  • I have to say I think the banks have stitched them selves up here. Its a case of miss selling again like PPI premiums. If the FSA rules are applied their will be agrument to weather they apply retrospectively and potentially open the floodgates for everyone to reclaim.

    Surely one day they will learn
  • Alpine_StarAlpine_Star Forumite
    1.3K posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    ✭✭✭
    chillxxx wrote: »
    Its a case of miss selling again like PPI premiums. If the FSA rules are applied their will be agrument to weather they apply retrospectively and potentially open the floodgates for everyone to reclaim.

    Unfortunately it looks like it won't apply retrospectively:

    2.1 The sale of insurance is subject to our Insurance Conduct of Business (ICOBS) rules and our Principles for Businesses. We did not write our ICOBS requirements with packaged bank accounts in mind. Although our current rules give firms flexibility to comply in different ways we think it is necessary to make detailed rules and specify the steps firms must take to establish eligibility and suitability (for future sales), in order to provide appropriate consumer protection.

    http://www.fsa.gov.uk/pubs/cp/cp11_20.pdf
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support