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Surprise ruling from UK Supreme Court

The UK Supreme Court has today ruled that the Office of Fair Trading (OFT) does not have the scope to rule on whether banking overdraft charges are "fair". This is a landmark ruling for the UK banking sector which has been fighting for some time against the OFT. The OFT is looking to push UK banks for compensation in relation to what they see as "unfair" banking overdraft charges. So is this the end of the road?

While there is no doubt that this is a massive win for the UK banking sector it may not be the end of the road with regards to the OFT and its pursuit of compensation in relation to UK banking charges. Many experts believe that the OFT may well be able to reconsider banking charges against a different criteria which could in theory fall within the offices remit. However, at this moment in time those millions of UK bank customers waiting for a Christmas bonus will be severely disappointed after this ruling.

All of the signs had been that the UK Supreme Court was looking favourably upon me OFT's request but at the last minute it seems that there has been a change of heart and the ruling is very much in favour of the UK banking sector.

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