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The Bank Charge Saga Goes On

After losing what all parties had agreed would be a watershed case, it appears that the main banks of the UK are set to appeal the decision. Eight of the UK’s main banks are seeking permission to appeal against the earlier verdict which affectively gave customers the right to claim back a variety of bank charges going back some years.

However, the situation is currently on hold as the Financial Services Authority (FSA) had agreed that the banks could delay any further compensation payments to customers until the legal arguments were exhausted. The new appeal by the banks will take some time to go through and many in the market believe that they are using delaying tactics to fight off a planned investigation by the Office of Fair Trading.

The wholesale review of banking practices in the UK could result in the biggest change in the sector for decades, potentially costing UK banking billions of pounds. After a period of calm when it was thought that all parties had agreed to abide by the court’s ruling, it looks as though the gloves are off.

Just when it seemed that a major break through had occurred the situation is very much up in the air again.

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