FSA says lenders must send customers annual statements detailing their eligibility for insurance they are paying for

Banks and building societies will be forced to send annual statements to customers with packaged bank accounts, detailing whether they are still eligible for the insurance they are paying for, under rules to be introduced in March 2013. Packaged accounts are current accounts bundled up with a range of insurance policies and other features, such as overdraft facilities or even music downloads. The monthly fee can be as high as £25, depending on the account. The city watchdog, the Financial Services Authority (FSA), has already pledged to force providers to check whether customers are eligible for the insurance component of the product when they initially apply for an account....Read more on this story: Banks forced to make packaged account policies clearer