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Bank ordered to reimburse premiums for unsuitable insurance...
The Banking Ombudsman has investigated a complaint that a bank sold a customer insurance which wasn’t suitable for his needs.
The customer had wanted insurance to cover his credit card debt should he be unable to repay the debt due to things like bankruptcy, redundancy or disability. However, the insurance which the bank sold him would only pay out on death and was therefore unsuitable for his needs.
The bank repaid half of the premiums paid for the insurance and the customer accepted that offer.
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