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Paid-for accounts threatens new scandal

Paid-for accounts threatens new scandal
Over 10 million customers who have paid-for bank accounts will receive letters assessing their eligibility for the products within 18 months, in a move which could trigger a PPI-style scramble for compensation. The FSA last week said it would force banks to circulate annual letters to new customers, but it has now emerged that this will extend to 10 million existing customers too. An FSA spokesman said the new rules would "create much more clarity" for customers and said it was "very possible" that many customers would ask for refunds.

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Green Box: Paid-for accounts threatens new scandalClick to open

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