Advertisement

Banks diversifying into fee generating products

In its 2010 Financial Risk Outlook report, the Financial Services Authority (FSA) notes that banks are responding to today’s pressures by increased diversification into products and services that generate fee income, possibly at the customer’s expense.

One example where the regulator sees the potential for consumer detriment is packaged accounts that may offer value for money for some consumers, but they may not benefit all.

Such accounts sometimes include travel insurance cover and the FSA points out that in some cases, consumers could be better off purchasing cover individually, or not at all.

Furthermore, where banks offer add-ons in the form of insurance products, they do not necessarily provide the expected level of cover.

Comment on this page »

Features

Latest news

Chelsea and Westminster named the best place to work in the NHS for 2015

Nuffield Health opens doors of new Cambridge Hospital

Nuffield Health plans to open state-of-the-art diagnostic suite

Banks diversifying into fee generating products
Advertisement
Advertisement
Connect with us on:

This site compiles with the HONcode standard for trustworthy health information