Safe haven bank accounts recommended

Published on 16 June 2010 by Raffick Marday

Chip & Pin security at ATMBank account customers should be offered ‘safe haven’ accounts that guarantee their money is only being invested in safe assets.

That is one recommendation from the Future of Banking Commission founded by consumer body Which? and led by MP David Davies.

It has released a report suggesting that these accounts would give better protection to customers.

The panel says it is ‘unacceptable’ that people’s savings are put at risk without their knowledge.

It has also called for banks to be stopped from paying commission to staff for selling products in an attempt to avoid ‘mis-selling’.

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