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Banks, insurers face ban on packaged products to customers
The rules require that firms offering bundled products or services must ensure that whatever has been bundled is also available to retail consumers on a stand-alone basis and under the same terms and conditions.
Financial service firms will be banned from forcing their customers to buy multiple products, such as loans and insurance, as a single package, if proposed consumer protection rules are adopted.
Financial sector regulators are proposing stringent consumer protection rules, which would limit the bundling of products to strengthen customers’ choices. This would deal a blow to financial service firms that rely on cross-selling to grow revenues.
