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Reclaiming on packaged bank accounts

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  • #31
    Re: Reclaiming on packaged bank accounts

    In regards of the FSA response, it's nothing different to what they usually say really.........


    Our Ref:


    Thank you for your email dated 21 August 2012.

    I understand that you held a packaged bank account with your former bank, and feel that with the exception of the breakdown cover, the products included were of no benefit to you. You would like to know if you would be able to make a complaint to your former bank about this.

    I appreciate the frustration you must be feeling, especially as you feel that you have been paying for a product which is of no benefit to you. I thought it would be helpful to explain the role of the Financial Services Authority (FSA) and your next steps.

    The FSA is the independent regulator of financial services in the United Kingdom, and we have rules for the firms we authorise, including banks, to follow when advising on and selling financial products and services. We have carried out work into these products, and I have attached a link to a consultation paper issued in July of this year:

    Packaged bank accounts

    This consultation is open to all interested parties, including consumers, and we are inviting feedback up until 29 October 2012. If you would like to feedback on this paper, you can do so using the online feedback form provided within the link above.

    With regards to making a complaint, this will depend on how long ago you had the account, and when you initially realised that there was a problem with the account and its facilities. Under our complaint handling rules, you need to make a complaint to the bank either:

    * Within six years of the product being sold to you


    * Within three years of when you could have reasonably have been expected to know that there was a problem

    If you fall within these timescales, then you may have grounds for complaint.

    The FSA cannot intervene in or investigate complaints against the firms we regulate on behalf of the public; this is the role of a separate and independent body, the Financial Ombudsman Service (the Ombudsman).

    If you would like to make a complaint about your packaged accounts, you need to:

    * first complain to the firm to give them an opportunity to investigate your complaint and, if appropriate, put things right; and
    * ask the Ombudsman to consider your complaint if the firm does not give you a satisfactory response within eight weeks.

    I have attached a link to a guide, 'Making a complaint', which provides further information on the complaints procedure, including contact details for the Ombudsman.

    Although we cannot deal with your complaint on your behalf, we still take seriously individual complaints against the firms we regulate. For example, we require firms to categorise all the complaints they receive and to report this to the FSA regularly. We use this, along with information from other sources, including any information that the Ombudsman may share with the FSA, to build up a picture of where firms may be failing to meet our standards. As a result we then take appropriate action.

    At the same time that the FSA received its formal powers, the Ombudsman was set up as a separate and independent body to investigate individual complaints on behalf of consumers. The Ombudsman decides cases on the basis of what it considers to be fair and reasonable, taking into account the law, FSA's rules and good industry practice. Its decisions are binding on firms but not on you. More information about the Ombudsman can be found on its website at:

    Financial Ombudsman Service.

    I hope this is helpful to you. I have explained that the FSA is carrying out work on packaged products, and where you can find information about this. I have also explained how you can make a complaint, and provided further information about making a complaint. If you have any future questions on financial services and products, you may find it easier to call our Consumer Helpline on 0845 606 1234 (call rates may vary). You can also access relevant information online at:

    Consumer information

    and via the Money Advice Service website at:

    Free, Unbiased, Independent advice - Money Advice Service.

    Yours sincerely

    Customer Contact Centre
    Financial Services Authority
    Consumer Helpline: 0845 606 1234 (call rates may vary)
    Consumer information


    • #32
      Re: Reclaiming on packaged bank accounts

      Oops I forgot to post up about this one.

      They rejected again, despite me forwarding further evidence, they still stated that I did not forward anything further for them to investigate, so the decision stays the same.

      The letter was very short, no real explanation, so before I think of going further, I have forwarded a letter to the Manager/CEO to tell them his complaints team failed to look into the information I given, and enclosed a copy of the rejection letter, so he can see for himself how poor it is.