Qualified advisers answering your
Financial Questions
call 0800 092 1245

UK banks continue to fight charges case

While it has very much been pushed into the background of late it has been announced that the major UK banks are set to fight the crucial ruling on overdraft charges which occurred earlier this year. They are currently going to appeal having suggested that the earlier ruling was floored and the OFT is not legally able to implement price restraints under current regulations.

The whole case hinges on the fact that the OFT believes that the charging structure for the UK banking system is very much out of line with the cost of such breaches as unauthorised extension of an overdraft. However, the situation has been complicated by the fact that many banks have paid out millions of pounds in compensation over the last couple of years, prior to the official ruling. The thinking was that if the banks paid out the early compensation claims in full the situation would die down and go away, but it has not.

It will be interesting to see which way the appeal ruling goes as funds have never been tighter for both the banking industry and the UK consumer. A welcome lift for either side in the near future would be well received, but who will eventually come out on top?

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details