MSE News: Packaged account shake-up to stop mis-selling

Former_MSE_Helen

"New rules to prevent people from being sold packaged current accounts with benefits they can't use have come into force..."

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Packaged account shake-up to stop mis-selling



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Hominu

Sheesh! This country turns more into a nanny state every day.

Do people really need everything spelt out for them?

Soon banks will be saying "We are not allowed to answer any questions as you may sue us for mis-selling. You need to do your own research (without questions) then just come in and just say "I want X"".

Ectophile

Hominu wrote: »

Sheesh! This country turns more into a nanny state every day.

Do people really need everything spelt out for them?

Soon banks will be saying "We are not allowed to answer any questions as you may sue us for mis-selling. You need to do your own research (without questions) then just come in and just say "I want X"".

If the regulator doesn't require the banks to check that the policy is suitable, then you can pretty much guarantee that there will be mis-selling by over-keen sales staff.

In many cases the policy holder won't realise that the insurance that they have been paying for every month is completely worthless until they try to make a claim.

pmduk

Hominu wrote: »

Soon banks will be saying "We are not allowed to answer any questions as you may sue us for mis-selling. You need to do your own research (without questions) then just come in and just say "I want X"".

With the poor levels of training some banks provide staff, that (unlikely scenario) may not be a bad thing.