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If the OFT cannot rule on bank charges then who can?

The decision by the UK Supreme Court that the Office of Fair Trading (OFT) has no jurisdiction to vote on the legality and fairness of banking charges prompts the question - Who is actually in control of the UK banking sector?

While the FSA (Financial Services Authority) is the regulator for the sector there has been no mention of the FSA becoming involved in the overdraft charges saga. As a consequence, it would appear that the UK banking sector effectively has a free rein in what is supposed to be a heavily regulated sector of the UK economy. While on the surface there appears to be a tough regulatory environment it is in fact in many ways a free for all for UK banks and UK financial institutions to work under a very thinly disguised framework.

Even though there is an outside chance that the OFT could well attempt to consider UK banking charges under a different criteria this appears to be less and less realistic in what is fast becoming a win-win situation for the UK banking sector. Only a few days ago it seemed as though the UK Supreme Court was likely to rule in favour of UK consumers although for some reason these hopes evaporated just hours before the ruling.

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