• From The BBC:

    Bank accounts which charge fees for extra benefits such as insurance may be being mis-sold, the Financial Services Authority (FSA) has warned.It says the danger lies in people buying packaged accounts with insurance that is too expensive or inadequate. The FSA says about 15% of the adult population already have these accounts, so large numbers of people might be disadvantaged by them. The warning comes in the FSA’s Financial Risk Outlook for 2010. “Packaged accounts may offer value for money for some consumers, but they may not benefit all,” the FSA said. “Consumers could be better off purchasing products individually or not at all. “And some may find that where the add-ons are insurance products, they do not provide the expected level of cover,” it added. ‘Unfair treatment’The central point of the Financial Risk Outlook is that the financial system, and the firms that operate in it, are going to be under considerable pressure in the coming years because of the lingering effects of the…

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    Posted by Jon @ 5:52 pm

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