UK bank­ing com­plaints grow on pack­aged ac­count con­cerns

The Pak Banker - - 6BUSINESS -

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.

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