FSA publishes new rules on packaged accounts
Banks and building societies will have to check whether customers are eligible to claim on insurance cover before selling them a packaged bank account under new rules published by the Financial Services Authority (FSA).
Packaged accounts were defined by the FSA as current accounts bundled up with a range of insurance policies and other features such as overdraft facilities or music downloads.
The watchdog noted that with one in five people now having such products it wanted to increase the level of consumer protection.
The regulator confirmed that as of 31 March next year, banks and building societies will have to check whether customers are eligible to claim under each policy and share that information with
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