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Will the overdraft fee saga mean the end of free banking?

Over the last 48 hours it has emerged that the UK Supreme Court will this week rule on the eligibility of the Office of Fair Trading to clarify whether banks have overcharged customers with regards to their overdrafts and certain fees. This is a vital element of the ongoing overdraft fee saga and there is a feeling that if the UK Supreme Court rules in favour of the Office of Fair Trading (OFT) the OFT will then look to instigate proceedings against various UK banks for compensation. However, there is growing concern that any potential victory in this saga could be a hollow victory for consumers.

Many people now believe that the end of "free banking" in the UK is moving closer by the day (if ever there was free banking in the UK!). In many ways the overdraft fee saga has given UK banks and UK financial institutions a reason for a root and branch reorganisation of the UK financial network. As we have mentioned on numerous occasions, the financial system that we have been used to over the last decade will be a very different one from the one we will see in the future.

Changes are a foot and as always it will be UK consumers and UK businesses who suffer!

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