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FSA demands banks issue packaged account statements
by William Robins on Dec 14, 2012 at 13:47
The Financial Service Authority (FSA) is to press ahead with rules requiring banks to provide customers with an annual statement regarding their eligibility for insurance sold to them as part of a packaged account.
In July the FSA consulted on including a proposal that annual eligibility statements (AES) should be sent to customers who had bought a packaged bank account.
The FSA wants consumers to be given more power to check they are able to claim on the insurance policies sold to them this way.
Packaged accounts bundle other features such as travel insurance in with a current account.
The FSA has decided it will not force banks to provide a breakdown of the insurance premium for packaged bank account sales.
The regulator said it would look at a possible suit of measures, regarding whether pricing claims were fair and not misleading and ensuring that packaged accounts promoted as convenient met customers’ expectations.
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iShares: Time to shatter the ETF myths
As result of industry changes - the retail distribution review - and a growing focus on cost-efficient solutions, we anticipate the number of investors using ETFs will rise significantly over the coming years.
But as with any newer product, especially in the financial world, various misconceptions about ETFs have perpetuated over the years and iShares is committed to addressing and ultimately dispelling these.
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