Bank Charges Decision: Shock Result

Supreme Court Visit

It’s fair to say that today’s ruling by the Supreme Court to go with the banks has caught a lot of people by surprise, not least me.

The reason for siding with the banks was largely down to a legal technicality, essentially down to what the Office of Fair Trading are allowed to contest – remember this court case was not to rule whether the charges were fair or not, just whether the OFT could contest them.

Whilst the whole subject is still not completely over, there are other avenues the OFT can take.

The Financial Services Authority has now lifted its freeze on claims, which means the banks will now need to respond to any claims they’ve received in 8 weeks.

More thoughts to follow.

Creative Commons License photo credit: JustABoy

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