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How will UK bank charges change in the future?

While the UK Supreme Court ruling today has effectively scuppered short-term hopes of compensation for many banking customers, it is not the end of the saga, although it is certainly a dent for confidence. However, there is a feeling that now UK banks have effectively seen their charges "rubber stamp" by the UK Supreme Court we may see a gradual increase in various banking charges which will increase income for the UK banking sector as a whole.

In many ways the UK Supreme Court ruling is a lose/lose situation for UK consumers because if banks had lost the potential to charge "excessive" fees for overdrafts and other financial services, they would have had to find this loss in income elsewhere. As a consequence, it seems as though UK bank charges will remain a central part of the banking system for the foreseeable future until perhaps we see another attempt to change the system.

Many UK consumers had been "licking their lips" at the thought of receiving hundreds of pounds of compensation as we approach Christmas. However, while many have already received compensation from their banks, with no liability admitted, those who have lost out so far are likely to receive nothing.

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