PBA’s are bank accounts that charge a monthly fee ranging from £5 – £35 and are given sparkly attractive names like Gold, Ultimate and Platinum. They usually cover account holders with breakdown cover, mobile phone insurance, travel insurance amongst other things. Over 10 million of these Packaged Accounts have been sold and the Financial Conduct Authority (FCA) have identified major problems with the way these accounts were offered to customers. Please bear in mind, not all PBAs are mis-sold, it is dependent on a variety of factors.
Was my PBA mis-sold?
If you meet any of the criteria below, then you may be entitled to a refund:
You may have already held insurances that came with the PBA, such as break down cover and mobile phone insurance.
The benefits of the account may not have been suitable.
You never traveled abroad so the travel insurance was not suitable.
You were above the age in the terms and conditions for the travel insurance to cover you.
You never owned a smartphone for the mobile phone insurance.
You felt pressured into buying the account.
You didn’t own or drive a car at the time of taking the account.
You were never handed a leaflet or received a welcome pack discussing the benefits on the account.