It is no secret that Package Bank Accounts have been widely mis-sold over the past fifteen years, shrouded by suspicions of aggressive selling techniques, and fuelled by sales targets (2).
You may have a PBA with added benefits such as, breakdown cover, phone insurance or card protection, which you get in exchange for a monthly fee. This can range anywhere from £5 to £25 a month, depending on your bank and account type.
However, over recent years it has become more and more apparent that these accounts aren’t always right for the policy holder as the benefits may not be suitable for their needs or they may be ineligible to claim. Some consumers didn’t actually want some of the extras to be included (1), and weren’t even aware of the benefits attached to their accounts.
This growing scandal has come at a really bad time for our national banking system, as some of our biggest banks try to recover from the mass mis-selling of Payment Protection Insurance (PPI). Whilst for most the volume of PPI complaints is falling for some banks such as Barclays and NatWest, the rise in Packaged Bank Account claims has offset the decline of PPI (1).
With banks looking to move forward and repair any damage that may have been caused to their reputations, they are making a variety of changes to try and improve the service received by their clients. Banks, such as Royal Bank of Scotland, have increased the focus on training and support for staff, to ensure they are offering the correct product the first time around, whilst Lloyds banking group are focusing more on resolving complaints quicker and more efficiently (1).
Although all of these changes are welcomed by consumers, it comes a bit too late for those already affected by the mis-selling of Packaged Bank Accounts. But this doesn’t mean it is too late to complain and make a claim for any money you could be owed from being wrongly advised about this product.
Despite all of these recent changes, those who have been mis-guided about the account they purchased, mis-informed about the benefits attached to that account, or given an account without actually being aware they had it, then the right to make a claim against the bank still stands.
Contact Us today to speak to one of our expert team or call us on our free phone number 0800 0272484 if you would like to work alongside us to determine if you have been mis-sold a PBA and are entitled to make a claim.
At EMCAS, we have already helped recovered over £8.5 million for our clients against their mis-sold Packaged Bank Accounts, but there is still a large number of policies left to be claimed against that were mis-sold due to incorrect procedures within our banking system.
(1) Bank account complaints are rising, but the PPI crisis is slowing down - The Telegraph
(2) Packaged Bank Accounts: could you get a £1,500 refund? - The Telegraph