You are here: Home - Saving & Banking - News -

Complaints about packaged current accounts soar by 278%

Written by:
Complaints regarding “packaged” bank accounts soared by 278% in the last year, according to the Financial Ombudsman Service.

The Ombudsman received 21,348 complaints about the accounts – which tend to be paid for and include bolt-on extras such as insurance policies and motor breakdown cover – up from 5,667 a year earlier.

Packaged accounts have in the past been criticised by the regulator. It introduced new rules in 2013 forcing banks to check the eligibility of customers before selling the products.

Payment protection insurance (PPI) disputes halved over the last year but still made up two thirds of the Ombudsman’s workload in 2014/2015.

The number of PPI complaints fell to 204,943, from record highs the year before. But 63% of all new complaints were about the sale of these products.

In total, the Ombudsman answered 1,786,973 enquiries from consumers – around 5,000 each working day.

Chief ombudsman, Caroline Wayman, said: “The world has moved on and changed significantly since I first joined the ombudsman as an adjudicator in 2001. Yet our workload over the last 15 years has been constantly dominated by the past – clearing up the fall-out of the mass claims and mis-selling scandals of the last decade and a half.

“But 15 years of sorting out millions of these problems have given us unparalleled experience, knowledge and understanding of why complaints happen – and how they could be avoided in future. That’s why our focus continues to be on complaints prevention and sorting things out pragmatically as soon as problems emerge.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Five tips for getting an overseas mortgage

Each country has its own approach and rules when it comes to mortgages, and a lot depends on your status...