According to MoneySavingExpert, the Office of Fair Trading will announce next week (22nd December) whether to continue pursuing its case against what it classes as unfair charges by the banks.
A spokesperson from the OFT said:
The Office of Fair Trading is still considering that judgment in detail, and on 22 December, it intends to make an announcement about what further action will be taken. Our position is very clear: we want to see a fairer and more transparent system of charges, and we are working very closely with the OFT to achieve that.
If the OFT decides not to pursue the case any further, then those people with claims still on-going will probably find their cases rejected and are unlikely to get any money back. MoneySavingExpert is keen that the OFT do pursue the case, and reckon following a discussion with a top QC, that there is still a good case worth bringing against the banks (this time utilising the Consumer Credit Act).
photo credit: steakpinball
Why are we finding out the date of this decision from consumer pressure groups just one day before the OFT makes its decision? I am a self-employed translator and I found out from one of my customers in Germany this week that the British banks have pulled of the Swift scheme for making cross border payments. With the cynical underhand tactics of the banks and the Government’s vague shadowy attempts at regulation, apparently paralysed by fear in case the banks leave London, I feel we are almost living in some kind of sinister police state. Lloyds TSB have been robbing me blind for years, have played a part in ruining the economy and my earning prospects, have had to bailed out with billions from the tax payer and are still effectively unaccountable to anyone but their “shareholders.”