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Concerns raised over financial 'add ons'

By Wesleyan

The Financial Conduct Authority (FCA) is proposing a ban on firms arranging payment protection and other products unless consumers opt out.

Often, if customers do not want to pay for an 'add on' to a financial product they have to untick a box.

This means sometimes they receive them when they do not really want or need them, and they may not even know they have them at all.

The move by the City watchdog would make sure customers are fully aware of what they are paying for, according to its director of strategy and competition, Christopher Woolard.

He says most people are aware they will be offered extras like insurance when filling in forms in order to buy financial products or tickets.

But Mr Woolard adds that people are not making an informed choice if they forget to untick a box, and it is well worth double checking forms they fill in with financial services companies.

Copyright Press Association 2015

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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