Banks can avoid being the subject of future payment protection insurance (PPI) mis-selling claims by allowing customers to have a greater say on what they want from their bank accounts. According to Defaqto, banks should offer more flexibility over current account packages and consumers should be allowed to pick and choose what insurance cover they would like to have. A report published by the organisation indicated that the number of packaged current accounts coming onto the market has grown by 109 per cent in the past five years, while the average monthly fee for having a tailored account has also increased by 32 per cent during the same period. Defaqto's insight analyst for banking David Black said that offering "menu-pick" accounts was the way forward for UK banks. "While this would have cost implications, it would enable providers to visibly demonstrate their flexibility in developing products that meet the actual needs of each consumer," he remarked. Mr Black recently told This is Money that too many banks and insurers have been offering "useless" insurance policies to customers. Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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