FSA proposes new rules for banks after packaged account probe

Following an investigation, the regulator launched a consultation today proposing a list of checks bank staff must go through before selling a packaged account. Under the proposals staff must: Check whether the customer is eligible to claim under each policy and share that information with them Provide customers with an annual eligibility statement prompting them to check whether their circumstances have changed and whether the policies continue to meet their needs If the sales adviser is recommending a packaged account, they must establish whether each policy is suitable for th...