Test Case Latest
OFT beats the Banks
Banks' Overdraft Charges Ruled Unfair
The Office of Fair Trading has won its High Court claim that charges levied by banks for unauthorised overdrafts are unfair.
The judgment will not at this time open the floodgates for the banks to refund claims that are already in place. We must first wait for the banks reaction which could be to re examine the evidence and possibly cause further delay. Once again there are too many outcomes to second guess what they may be, although we do believe a clearer picture will emerge within then next week to 10 days.
Please rest assured we will be pursuing the banks regarding all our clients claims as we believe the delays have already been excessive, although the banks are still covered by the waiver granted by the FSA until July 2008.
All information we have regarding banks will be updated on our website and by email as soon as it is available and any news relating to specific claims will be dealt with and forwarded immediately to our respective client.
This is an excellent result and one we hope that brings in the coming few months the conclusion to our clients’ claims where they have patiently waited for the legal process to conclude.
We have detailed below various excerpts from the OFT, Financial Services Authority and Financial Ombudsman regarding the court ruling and waiver to suspend dealing with complaints.
For more information on the Office of Fair Trading statement click here
For more information on the Financial Services statement click here
For more information on the Ombudsman statement click here
