UK Bank Regulator Cracks Down On Packaged Accounts

Law360, New York (July 27, 2012, 8:31 PM EDT) -- In an effort to protect consumers, the U.K.’s Financial Services Authority on Friday published stricter rules requiring banks and building societies to more diligently check whether customers are eligible for certain insurance policies before selling them a prepaid packaged account.

Packaged accounts are bank accounts that come bundled with travel, car or cellphone insurance and other extras such as discounts on overdraft fees, music downloads or access to VIP airport lounges. They make up a growing market in the U.K., and the new rules are an...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.