Policy
Response
CP11/20 Packaged bank accounts
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Contact: Andrew Hopkins Date: 27 Jan 2012 |
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Although the proposed definition of a packaged bank account is broad, it is clear that the consultation is primarily aimed at personal current accounts which come bundled with a range of insurance policies. Very few building societies offer personal current accounts. The largest building society provider of personal current accounts is Nationwide Building Society (NBS). NBS’s packaged account is a fee free personal current account that comes with free European travel insurance. NBS has responded separately to this consultation. We have discussed the consultation with NBS and had sight of its response. The BSA strongly supports NBS’s response.
As a member of the Banking and Conduct Advisory Panel, the BSA has been party to the British Banker’s Association’s (BBA) discussions on the consultation and had sight of the BBA’s response. The BSA also strongly supports the BBA’s response.
Our brief response is available below -
