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PPI Refunds: New regulations target future mis-selling scandals

New regulations for packaged accounts in the UK have come into force, customers awaiting PPI refunds have been told.

Many high street banks offer packaged accounts, which are also known as upgraded accounts.

These are current accounts that offer additional services, such as travel insurance, mobile phone insurance and car breakdown cover.

However, the Financial Services Authority (FSA) raised concerns that customers are sold these products, which generally incur a monthly charge, to later find out they are not eligible for the extras.

From 31st March 2013, banks and building societies are required to check whether customers will be able to claim under each policy before an account is sold.

Companies will also need to provide annual statements for the additional services and alert consumers if a change in circumstances – such as age – has affected their ability to claim.

The new rules will be overseen by the Financial Conduct Authority (FCA), which replaced the FSA from 1st April.

In addition to the FCA, the Prudential Regulation Authority (PRA) has also been formed to take some of the responsibilities of the FSA.

The Bank of England's Financial Policy Committee (FPC) will oversee both new bodies.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801565558-ADNFCR

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