FCA reviews PBAs

FCA has published the results of its thematic review into how packaged bank accounts (PBAs) are working since it introduced new rules in 2013. FCA introduced the rules to help customers understand how packaging worked, and to enable them to assess whether a PBA was right for them, following findings that firms were not checking whether customers were in fact eligible for the insurance that formed part of the package. The thematic review has found firms have improved in some areas, but are not thoroughly checking eligibility for certain insurances, and can improve on their complaints handling processes.


Emma Radmore