Bank charge update 26th February 2009
BANK APPEAL THROWN OUT
The appeal by eight high street banks against the ruling that would allow the Office of Fair Trading (OFT) to review bank charges has been thrown out today.
Three appeal court judges decided that the banks did not have grounds for appeal and that "the issues should now be resolved by an OFT assessment of fairness."
It is unclear at the moment whether the banks will proceed further to the House of Lords or whether they will work with the Office of Fair Trading to resolve the matter once and for all. If they decide not to appeal further, then they may either go through the courts again, or chose to work with the OFT out of court to resolve the issue of what is a fair charge.
Whilst this is another significant step for the consumer, unfortunately it does not mean that you will be able to claim your charges back just yet. The Financial Services Authority will still keep their suspension on bank charge complaints in place with the next review date being July 2009.
Lets hope the banks do the right thing now and work with the OFT to bring an end to this situation as quickly as possible.
Watch this space for any future updates.
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