......as mis-selling probe looms

Santander will kick nearly half a million customers out of paid-for perk accounts. Customers who pay monthly fees of up to £20 for extras including travel and mobile phone cover will be barred from them from October 18. The Spanish-owned giant will stop taking their monthly premiums and switch them to an ordinary free current account. The bank says it wants to cut the number of financial products offered to customers and focus on service. However, its move follows industry fears of a major crackdown on the mis-selling of packaged accounts by the City regulator, the Financial Conduct Authority. Last year, the watchdog launched an investigation after concerns that bank staff were flogging paid-for accounts with add-ons customers could never use. This typically included pensioners unable to claim on travel insurance because they were too old.....Read more here