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FSA demands banks issue packaged account statements

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FSA demands banks issue packaged account statements

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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