FSA slams banks for packaged account mis-selling

In a recent review, the regulator found cases where accounts offering insurance policies and identity protection for a fee were poor value for money, costing up to £300 per year. In other cases, customers were being sold packaged accounts despite already having adequate insurance, or being unable to benefit from the insurance offered by the account, the Daily Mail reports. Some banks have been ordered to make changes with over seven million people currently holding packaged accounts. In addition, some banks will now have to ask about the health of customers before selling them a pa...