Packaged account mis-selling victims can claim compensation

2sides2everystory

(Re: whether O4U had seen photocopied pre-completed & initialled tickbox sheets ...)

opinions4u wrote: »

I would guess none at all. Because such an approach would be likely to lead to strong discipliniary action.

I have seen them. Likely lead to disciplinary action my a$$. The question didn't arise. It was entirely dependent on sales figures and "getting away with it".

This all goes back to what the regulator wants to see as documentary evidence. If they demand certain things then that's what they'll get.

Since when did the regulator run the business?? Can't the banks be trusted to do things right? Are you suggesting banks should be nationalised so they do what regulators require or else?

The FSA and all that have gone before have been horribly focused on production of paper. A complete lack of focus on the culture and spirit of sales.

I think you mean that the FSA unfortunately got sucked in to the way the banks suggested they could comply. FSA doesn't dictate culture. Bank executive boards are supposed to inculcate it and they all promised to do so in a joint letter over fifteen months ago to the FT.

Not been much evidence of any inculcated improved culture since then in the banking industry save for the one off admission about PPI.

Instead I see the same word was being used by Osborne and Cameron a year later following a meeting with "business leaders" to 'inculcate' a pro-business agenda across Whitehall.

I am sure they all know what they mean.

charmmy_kitty

Was wondering what you guys think of my case before I send it off.

I would like to reclaim the charges on my RBS royalties premier account. I've been paying the £15 a month fee for the last 5 years. The advisor in branch added it to my account when my overdraft was increased way beyond my monthly earnings. They "temporarily" increased it while I was applying for a loan. The loan was later declined but there was no way I would ever be able to pay back the huge overdraft any time soon. Yes, I think it does decrease the interest on my overdraft but im not sure. I've never used the royalties for anything else. I don't have a car, I don't go on holiday, basically I'll never use it for anything else other than cheaper interest on my overdraft. The overdraft and royalties account should never have been sold to me.

I went into my branch for an increase to my personal loan, while the application was going through he said he could increase my overdraft while they waited on a decision. He then said your interest rate on the overdraft will be quite high but if you pay £15 a month for the royalties account, this will bring down the interest rate. I wasn't convinced as I wouldn't use any other features but he explained it would be cheaper for me on the "temporary" overdraft plus I would get a rate discount on my loan once it was approved so I agreed.

There was no 20 minute script, this conversation took at most 5 mins. I ended up with a huge overdraft and paying for a royalties account that I'm not even sure I get a discounted overdraft rate with. Any advice or pointers you could give would be much appreciated!!!

pharmer_2

Some advice please! I have had a HSBC Advance account since 2002. I have had asthma all my life and my wife has had recurring surgery since 2004 (we had to delay a holiday to Australia in 2005 because of this). Should I have mentioned my health in 2002 when the account was opened, or should HSBC have asked (grilled) me about my health in 2002; or should we have kept them informed of our health issues during the life of the account.....
Does this count as misselling and is it worth starting a claim, or is this just wishful thinking...

Any pointers helpful

Thanks

jackjones01

I have got a fee paying bank account it offers free love films but I do not watch films how can I claim my fees back?

ses6jwg

pharmer wrote: »

Some advice please! I have had a HSBC Advance account since 2002. I have had asthma all my life and my wife has had recurring surgery since 2004 (we had to delay a holiday to Australia in 2005 because of this). Should I have mentioned my health in 2002 when the account was opened, or should HSBC have asked (grilled) me about my health in 2002; or should we have kept them informed of our health issues during the life of the account.....
Does this count as misselling and is it worth starting a claim, or is this just wishful thinking...

Any pointers helpful

Thanks

you should have been informed at point of sale about any major exclusions/ limitations to the insurance and been provided with a policy document outlining them in detail

stclair

charmmy_kitty wrote: »

Was wondering what you guys think of my case before I send it off.

I would like to reclaim the charges on my RBS royalties premier account. I've been paying the £15 a month fee for the last 5 years. The advisor in branch added it to my account when my overdraft was increased way beyond my monthly earnings. They "temporarily" increased it while I was applying for a loan. The loan was later declined but there was no way I would ever be able to pay back the huge overdraft any time soon. Yes, I think it does decrease the interest on my overdraft but im not sure. I've never used the royalties for anything else. I don't have a car, I don't go on holiday, basically I'll never use it for anything else other than cheaper interest on my overdraft. The overdraft and royalties account should never have been sold to me.

I went into my branch for an increase to my personal loan, while the application was going through he said he could increase my overdraft while they waited on a decision. He then said your interest rate on the overdraft will be quite high but if you pay £15 a month for the royalties account, this will bring down the interest rate. I wasn't convinced as I wouldn't use any other features but he explained it would be cheaper for me on the "temporary" overdraft plus I would get a rate discount on my loan once it was approved so I agreed.

There was no 20 minute script, this conversation took at most 5 mins. I ended up with a huge overdraft and paying for a royalties account that I'm not even sure I get a discounted overdraft rate with. Any advice or pointers you could give would be much appreciated!!!

Make a complaint using RBS correct channels:

http://www.rbs.co.uk/global/h/contact-us/personal-banking/make-complaint.ashx

Unless MSE is going to come up with some template letters...

lynoc

I took out one of these accounts purely for the life insurance benefit on it, however when my husband died and i submitted a claim i was informed then that that part of the policy had been stopped a couple of years previous. When I complained I had not been informed of this they said i must have had a letter. I checked with several family members all with same account, none of them had been informed of the change. Do you think this would be classed as misselling ?

Wadiuxanne

I recently was looking into my partners and my finances after we moved in together and found that he had a package account from Lloyds that he had opened when moving to Britain. My partner was under the impression that in the UK you had to pay a fee to have a bank account(?) and had no idea about the suppossed 'Benefits' he was paying for due to a limited understanding of english.

My partner, even in his native language, does not have a great understanding of finances despite my best efforts :doh: , but I'm wondering if this could be a case of mis-selling as he has made no use of any of the benefits in the 3 years plus he has had his account as he was unaware he even had them!!

I am just curious on other peoples views, whether you would consider this mis-selling?

Molly_Magic_2

I've had a letter from Natwest to say that the Advantage Premier account that I have had for years is being withdrawn and that I am obliged to upgrade to a "Black" account. The fee for the "Black" account is more than 3 times more than I pay for my Advantage account and the difference in the benefits is minimal.
I phoned to reject the upgrade but was advised that I am unable to retain the Advantage account and the only other option is a free current account without "benefits".
Any ideas / suggestions?

stclair

Molly_Magic wrote: »

I've had a letter from Natwest to say that the Advantage Premier account that I have had for years is being withdrawn and that I am obliged to upgrade to a "Black" account. The fee for the "Black" account is more than 3 times more than I pay for my Advantage account and the difference in the benefits is minimal.
I phoned to reject the upgrade but was advised that I am unable to retain the Advantage account and the only other option is a free current account without "benefits".
Any ideas / suggestions?

I have heard it all now.... that is not true you should be able to down grade to advantage gold if that the account you require. I would recommend you do this in branch to administer the downgrade....