The number of Packaged Bank Account (PBA) complaints being upheld in favour of consumers rose by almost 10% in the first quarter of 2016 according to the latest set of figures from the Financial Ombudsman Service (FOS).
In their statistics report covering April – June the FOS revealed that PBAs are still the second most complained about financial product behind Payment Protection Insurance (PPI).
The Ombudsman received over 7,000 new PBA complaints across the three months, with the percentage of cases being upheld in the clients’ favour rising to 23%. This is up from 14% for the whole of 2015/16.
More and more consumers are complaining about their Packaged Bank Accounts and the way in which they may have been mis-sold, with the FOS stating in their most recent annual review that PBA complaints had almost doubled year-on-year.
Reasons for mis-sell have included consumers being told they need a fee-paying account in order to get a loan or other product, not being told about their bank moving them to a fee paying account and being told that having a bank account with a monthly or annual fee would improve their credit score.
If you want to investigate whether you may have a Packaged Bank Account claim, The Fair Trade Practice can help.
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