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Thursday 23rd July 2009
The UK banking sector has been given an extended waiver as the dispute regarding bank charges goes on and on. The move by the Financial Services Authority (FSA) effectively puts on ice any demands for the repayment of bank charges going back to 2001 until the legal challenge brought against by Office of Fair Trading is completed. However, despite being granted various rights to act on behalf of UK consumers, many UK banks, and the Nationwide Building Society, have challenged these rights, recently moving to the highest court in the land.
Once the actual validity of the OFT case against the UK banking sector is confirmed we should see the debate taken into the courtroom and ultimately resolved. However, for those in financial hardship and unable to wait until the situation is resolved can apply for they claim to be heard as a hardship case, which is perfectly valid under the current waiver. This will force your bank to consider the validity of a claim going back to 2001 and ultimately could lead to a payout before the test case is resolved.
This is a saga which has been going on for over two years and at this moment in time does not appear to be on the verge of being resolved. The UK banking sector has on the whole introduced many delaying tactics which are increasing the financial pressure on UK consumers. |
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