Do You Really Need A Premium Bank Account

Do You Really Need A Premium Bank Account?

The Financial Conduct Authority (FCA) last week published findings from a review of the packaged bank account industry.

The FCA first introduced rules on packaged bank accounts in 2013 to help us understand whether a packaged bank account product was right for us. Bankers are required to find out and record whether customers are eligible to claim for each of the insurances in the packaged bank account. Banks are also required to send annual statements of their packaged bank account to whether it continues to meet your needs.

The FCA review concluded that whilst the regulations had improved standards, there was still some way to go on selling practices and complaints handling. 

The issue, as ever, is paying for something you do not need or you already have cover for home breakdown/repair, emergency plumber cover, mobile insurance or roadside breakdown.

Comment

We would also suggest that checks should be made as to whether we have cover elsewhere or even if cover is needed at all.