Is the OFT court case against UK banks bad news for consumers?
The outcome of the OFT court case against 8 UK banks, looking into unfair charges, could be the catalyst to some of the biggest changes ever seen in UK banking. It could spell the end of ‘free’ banking for everyone.
If the banks loose this case they will have to repay billions of pounds in compensation, so how will they re-claim this money? By charging everyone a fee either annually or monthly for the ‘privilage’ of having a current account! The banks will find other ways to make money from customers and you can bet that a raft of other fees and charges will be introduced if they loose this case.
Any compensation money the banks have to pay back to customers will simply be passed back to new and existing customers in the form of fee based current accounts. Is it such a bad thing if the banks win this case!?
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April 14th, 2008 at 2:36 pm
can anyone tell me if there has been a decision on the bank charges saga or when a date has been set for the test case
April 16th, 2008 at 2:22 pm
this is what i want to know john as the bank owes me £400 and they are telling me they aren’t settling anything until the court case is over but i have heard that it may not be over for a few years
April 17th, 2008 at 10:25 am
No-one really knows the answer I’m afraid to say. The FSA (Financial Services Authority) has given the banks a waiver until the case is finished. Basically this means the banks don’t have to do anything until the case is settled. Moneysavingexpert - Martin Lewis keeps his website regularly updated on the subject so I’d keep an eye on developments there; http://www.moneysavingexpert.com/reclaim/oft-bank-charges