Reclaiming on packaged bank accounts

[di30]

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.

[di30]

Re: Reclaiming on packaged bank accounts

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

Here:




Our Ref:

Dear

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

or

* 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

[di30]

Re: Reclaiming on packaged bank accounts

Not heard anything since up to now since they received my follow up letter with further info.........see what the weekend postie brings.

[di30]

Re: Reclaiming on packaged bank accounts

In regards of the above letter, I have done another, will try to attach it here when I get the printer to be my friend again lol.

I'm not at all worried about this first rejection, as I expected this, it is sort of newish to the banks really, but I have made it clear to them that they ignored my main reasons, and explained I already had sufficient cover in place that was sufficient to us, on all account packages sold to us.
I even told them to refer to the statements that will prove this.
It appears they must have the details as from 1996 because his letter confirms he been checking through them lol.

Arh well round 2 here we come!

I have emailed the FSA as well, to ask them our rights on making a complaint reclaim on these products now, but do not expect a response for some time.
I could have used anything they say and write that backs it up to enclose a copy within the letter.

[di30]

Re: Reclaiming on packaged bank accounts

Oh dear, sorry about the large writing above post....... lol oops.

[di30]

Re: Reclaiming on packaged bank accounts

They were quick and it was the letter I expected to receive........but I am going to write back, as I do feel they have missed the point here.

Does anyone know of an official write up that I can take a copy and print of please, I can then enclose it with the follow on letter?

Cheers.


Letter below, it was however addressed to hubby and not me, despite us having joint accounts lol.


.................................................. ....................................

Dear

Our Ref ******

I am concerned to hear about the problem you've had with your Premier Account. Please accept my apologies for the inconvenience we've caused you.

My understanding of your complaint is:

You feel you were mis sold the account.
You feel that you would not have been able to take advantage of the travel insurance.
You were not aware of the benefits of the account.
You want us to refund your account fees and charges.

I am sorry that you feel the account products we have designed for our customers were not of advantage to yourselves. I have looked into your account usage, and I understand that the account was changed over the years as follows:

31 January 1996 - The Premier Banking Service
At some point the Premier Banking Service was converted to a Gold Service Account.
11 August 2005 - Your Gold Service legacy account was converted to modern Platinum Account.
4th May 2007, your Platinum account was converted to a Premier Account.
8th October 2009 Account closed.

This shows that you had the top product in 1996 and have come full circle back to the top product in 2007.

I can see from your statements that you drive a car, therefore the AA cover at at very least would have been condsiderable benefit to you. Customer's are not required to use any of the benefits of these accounts.
However, the fact that you could benefit from such cover as the AA cover account was suitable for you.

I also note there have been many changes of account. You have had experience of these type of accounts since 1996. The legacy accounts, for instance the Gold Service, provided fee free interest, earned on the provision that the account balance was kept above £2500.

These accounts have almost all been phased out and the modern account (i'e. Premier) with added product benefits have replaced them.

I hope I've explained why I believe we haven't made a mistake. I appreciate that my decision may not be the one you wished for, but I hope that you understand the reasons for it.

I appreciate the trouble you have taken to get in touch with us. I hope I've explained what has happened and fully answered the points you've raised.

I am very keep to make sure I have resolve your complaint fairly. If you feel I've misunderstood your complaint or have further details you think I should know, please do not hesitate to come back to me.

If you have any questions about my reply or have further information to add, I will be very pleased if you call me personally on Tel ***********

Yours sincerely

Customer Services.

.................................................. ..............................

Well well well, they have missed half of my reasons I've given, and have totally missed the point lol, so will be sending another letter to tell them so , as I have the opportunity to do so.

[di30]

Re: Reclaiming on packaged bank accounts

we had one of the very first RBS royalties accounts, wonder if it's worth while giving it a go?

I can't see why not MrsD.

Go for it.

[MrsD]

Re: Reclaiming on packaged bank accounts

we had one of the very first RBS royalties accounts, wonder if it's worth while giving it a go?

[di30]

Re: Reclaiming on packaged bank accounts

Wonder what Lloyds could be thinking, ppi on all loans mis sold and there were many loans (oops), and now on to all the packaged accounts..............

lol, even a close mate of mine is dealing with some banking/assurance issues with them............oh deary me

Right well they did receive my letter a few days back and I take it like any other complaint, that I should receive a confirmation by 5 working days. Sooooooo that should be this coming week.
Wonder what excuses they will find to try getting out of this one, there isn't any really! LOL!!!

[di30]

Re: Reclaiming on packaged bank accounts

Thank you xx

[Undercover Elsa]

Re: Reclaiming on packaged bank accounts

Good luck hun!!!

[di30]

Re: Reclaiming on packaged bank accounts

Letter posted yesterday, will give it a go, even if they reject I am not going to stop there either lol.

[di30]

Re: Reclaiming on packaged bank accounts

Was thinking about sending letter directly to branch, but they are not much use and from my experience they never dealt with my matters, so will send to the main addy of:

Lloyds Banking Group,
Customer Services
BX1 1LT.

I assume it will be that one as it states on the complaints section of the website.

[di30]

Re: Reclaiming on packaged bank accounts

Came across the FSA Link via Packaged accounts.......

http://www.fsa.gov.uk/pubs/cp/cp11_20.pdf

[di30]

Re: Reclaiming on packaged bank accounts

Ok I should know this but as they have sooooooooo many addresses and depts I am getting confused lol.