Mis-sold Packaged Bank Accounts (PBAs)
A Packaged Bank Account (PBA) is bank account for which the bank charges you a fee, usually on a monthly basis. The account is sold as a package and will contain a number of “benefits” which are usually types of insurance.
Why did PBA mis-selling occur?
These types of account were hugely profitable for the bank and sales staff were generously rewarded for signing customers up.
Were you mis-sold a PBA?
There are many reasons that your PBA may have been mis-sold to you. The most common reason is that the account was sold with insurance that that was not needed or that customers would be unable to claim on due their personal circumstances or limitations involved.
Other specific reasons can include
You were told that it was a premium account and was needed to get a mortgage or other products.
The insurance did not apply to you or you already had cover in place.
You were not told about the fees.
The fees for the account increased and you were not told.
You were not told that you needed to register your car, mobile phone, credit card details to qualify.
You were told that having a PBA would improve your credit score.