Professional Insurance Brokers Association chief executive Diarmuid Kelly has spoken out about some sharp practice by the banks which is said to be 'widespread' at the moment.
Banks are examining their customers direct debits in an attempt to up sell them on their own life assurance and other products.
It seems they will look through the list of customers direct debits and if they notice payments to life assurance companies they will contact them to try and get them to change their cover to their own providers.
While people should regularly ensure that they are getting value for money from the financial products they have, it must be remembered that the banks will only be able to quote customers on products from life companies either owned by the bank, or acting as 'tied agents' to the bank. A independent financial advisor/broker will be able to quote you from a number of life companies, ensuring that you are getting proper advice on the products you choose. Strictly speaking cheapest is not always best, everyones personal needs are different and you should ensure that the advice you get takes the whole market into account and not just a single life company.
In retort the Irish Banking Federation have advised that the practice is not in breech of the Consumer protection code or data protection legislation.
FS
Showing posts with label Direct Debits. Show all posts
Showing posts with label Direct Debits. Show all posts
Friday, 10 June 2011
Sunday, 17 April 2011
Get a Handle on your Direct Debits
You should find out what your paying for!!
Take a look at a recent bank statement or your list of Direct Debits on your online banking, do you recognise them all? Chances are that some will be a complete mystery, it could be a old life assurance policy from a mortgage top up you paid off years ago or any number of contracts that you entered but are no longer valid. Do you really need that mobile phone insurance you bought for the phone before last??
You may be able to cancel them directly with your online banking service but i would reccomend contacting the differnet providers in advance to find out what each payment is for.
FS
Take a look at a recent bank statement or your list of Direct Debits on your online banking, do you recognise them all? Chances are that some will be a complete mystery, it could be a old life assurance policy from a mortgage top up you paid off years ago or any number of contracts that you entered but are no longer valid. Do you really need that mobile phone insurance you bought for the phone before last??
You may be able to cancel them directly with your online banking service but i would reccomend contacting the differnet providers in advance to find out what each payment is for.
FS
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