Packaged Bank Account (PBA) claims companies are now coming into existence in order to deal with the growing number of Packaged Bank Account claims that are being undertaken throughout the Country. This is as a result of an investigation by the Financial Conduct Authority (FCA) in 2013 regarding the potential mis-sale of these particular accounts in the UK by the current account providers system.
There are approximately 11 million Packaged Bank Account holders throughout the UK. It was established by the FCA that considerable numbers of these Packaged Bank Accounts were indeed mis-sold at the point of sale. Therefore, the facility can be reviewed regarding any mis-sale, and the opportunity for a refund is considerable. We are looking at growing numbers of these particular complaints where, if a refund is agreed, the average reclaim is somewhere between £1,000 and £3,000 (although some cases can be lower and others higher) depending upon the length of time that the facilities were open.
If you choose to use a Claims Management Company, it is important to undertake some research into which one is best or right for you. You should consider whether they have the experience to deal with your particular case. The Claims Regulation Unit (Claims Management regulators) are run by the Ministry of Justice (MOJ) which oversees all Claims Management Companies. Therefore, on any contact information that they provide, they should include their “CRM” reference number. Once this is established, it is worthwhile just checking out their website to ascertain what their contact details show to you, and whether they are hidden behind some sort of freepost or “0845” or Freephone number, or whether they gladly promote their own telephone number and address for contact. In addition, it is worthwhile perhaps contacting the Claims Management Company beforehand to ascertain who replies and whether they have any experience, including what their experience is in dealing with either the Packaged Bank Account complaint, or dealing with any type of complaints with Banks and Lenders in the past.
The Banks themselves are providing tremendous levels of provision in their Annual Accounts in relation to the mis-selling of Packaged Bank Accounts which will, over time, run into several billions of pounds. However, like any complaint against the Bank – there is no guarantees of success.
Therefore another area that you MUST establish is, if the Claims Management Company is unsuccessful or it is established that there is no claim in relation to the Packaged Bank facility, that there is no fee to pay. Claims Management Companies should work on a purely “No Win No Fee” basis for these types of cases. If they do, then they are fine to proceed with, as long as you are satisfied with:-
1. Their understanding and experience of complaints of this nature;
2. They are regulated by the Claims Management Unit at the Ministry of Justice and;
3. They provide details that satisfy you that they are a genuine Firm, and one that can be trusted.
We have been dealing with complaints on behalf of clients (as individuals) since the late 1990s, following experience in a major High Street Bank. As such we are well placed to oversee the claims that we take on within our small team of experienced members of staff. This provides us with the flexibility and knowledge to respond to client’s concerns together with responses from the Lenders, and dealing with the various complaints on a timely basis so as to make sure that the claim is satisfied as quickly as possible and with a positive outcome.
We work purely on a “No Win No Fee” basis. Should we not be successful, for whatever reason, there is no fee to pay. However, if we are successful, our fee is 24% and this includes the VAT on whatever is recovered on your behalf.