Regulator acts on packaged accounts

Clive Gee/PA Archive/Press Association Images

New rules to stop banks and building societies mis-selling packaged accounts to customers have been announced by the City regulator.

Concerns have been raised that people are throwing money "down the drain" when they pay a monthly fee for a current account with add-ons such as insurance, business class lounge access at airports, or overdraft facilities which turn out to be useless to them.