UK banking complaints grow on packaged account concerns
Complaints about Britain's financial firms rose eight percent in the first half of this year after a jump in new cases about packaged bank accounts, the industry's watchdog said on Tuesday.
Packaged bank accounts offer a range of additional services -- such as insurance policies, better deals on savings accounts or loans, and other perks in exchange for a monthly fee.
Three major banks -- Royal Bank of Scotland, Barclays and Lloyds -- have set aside 732 million pounds between them to compensate customers for possible mis- sold packaged accounts, raising concern it could build into another big compensation problem for the industry. New complaints about payment protection insurance ( PPI) products in the six months to the end of June totalled 94,091, down 10 percent from the previous six months but still accounting for 55 percent of all cases, the Financial Ombudsman Service said.