Active You -OFT 'not allowed' set bank charges

BLOG OF THE DAY

The Cookbook Re...

SKYE GYNGELL’S MY FAVOURITE INGREDIENTS is published by QUADRILLE on Feb 5th 2010 I ... Read On

EDITOR'S PICKS

NEWS

Australia 'is a great cruise destination'

Japanese Knotweed problem to be 'tackled' by bug

Government announces plans to phase out peat-based compost

Sophia Loren christens luxury cruise ship

More to Paris than the Eiffel Tower, tourism body states

POPULAR SEARCHES Equity Release I Cruises I Life Insurance I Homes abroad I Laser Eye Surgery I Scratch cards I Conservatories I Green houses I Personal injury I Wine I Gardening I Chairs

Home »News »Finance News

OFT 'not allowed' set bank charges

25/11/2009

A two year legal battle over bank charges today ended as the Office of Fair Trading (OFT) lost in a case against eight UK high street banks.

The OFT was campaigning for refunds for customers who it considers to have been overcharged by banks after falling into an unauthorised overdraft.

Defying earlier verdicts from the High Court and Court of Appeal, the Supreme Court ruled that the consumer body had no right to fully gauge the fairness of charges.
Martin Bamford, chartered financial planner for Informed Choice, expressed surprise at the decision: "Before the ruling, the general view was that the verdict would be in the favour of the Office of Fair Trading."

However, Mr Bamford added: "A verdict ruling against the banks could have had big consequences in terms of their financial strength, future profitability and also the relationship we all have with banking services."

It is believed that around £20 billion could have been reclaimed by customers if the decision had ruled in favour of the OFT.

The Supreme Court said overdraft charges constituted part of the procedure of remuneration for the collection of services banks offer their current account holders.

Get a free equity release guide and find out how you can get some additional income.

Posted by Jez Walters ADNFCR-2295-ID-19479479-ADNFCR

Related Finance News

11/02/2010 New women's employment strategy launched
04/02/2010 Consumers 'not returning' to pre-credit crunch spending
26/01/2010 Changes to retirement age 'will help over 50s find employment'
22/01/2010 Unemployment increases among over 50s
15/01/2010 People 'turning' to equity release
17/12/2009 Fewer homes repossessed, research shows
16/12/2009 Know your consumer rights this Christmas, says Which?
07/12/2009 Employees nearing retirement 'happiest in their job'
25/11/2009 Financial worries 'causing health problems'
18/11/2009 Over 50s 'face difficulties getting finance for new businesses'
16/11/2009 Government needs to consider equity funding, says SHIP
03/11/2009 Many will-holders not updating their wills
02/11/2009 People planning for old age 'should consider equity release', says ERSA
30/10/2009 House prices rise in UK
27/10/2009 Company urges pensioners to benefit from changes to pension credit rules
23/10/2009 Proposals to alter retirement age 'causing confusion'
19/10/2009 Equity release lending up 19% year-on-year
06/10/2009 Isa limit for over-50s rises
14/09/2009 New ISA limits 'to save £63bn in tax'
11/09/2009 Home insurance claims drop
26/08/2009 Cyclists warned of bike theft risks
11/08/2009 Cost-cutting home insurance tips unveiled
04/08/2009 Retirees choosing equity release to help their children

Claim your £250 online discount now

Get a free SIM with TMobile

Win £500 of M&S Vouchers

More Top Offers

All offers are subject to our standard terms & conditions

This offer is open to UK residents only. You must be at least 18 years of age or older to enter. By registering and entering your details with activeyou.co.uk you consent to receive information and promotions from activeyou.co.uk, our Clients and our Partners. These promotions are selected and based on the details you provide us with, you can unsubscribe at anytime. You also agree to our standard terms & conditions.

Site Protected By Copyscape- DO NOT Copy