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How do you define excessive fees?

As the ongoing bank charges debacle continues we have today seen the emergence of a possible similar type of situation in the letting agency market. A judgement today, which ruled that excessive fees charged by many letting agencies across the UK can be reclaimed over a 14 year period, has caused many consumers in the UK to consider how you define excessive fees.

While many believe that any contract which they sign, where the fees are clearly stipulated, are legally binding it appears that so-called "excessive fees" can only cover additional costs associated with an agreement and cannot be for "profit". This now pose the question as to which other areas of the UK financial market may now be brought into the "excessive fees" saga and ultimately how much compensation may be claimed back in due course.

As we have seen with UK banks, which are fighting the bank charges case vehemently, the various financial institutions central to the situation will not give up this compensation easily. While the letting agency ruling could open the gates to compensation approaching £26 million the situation for the UK banking sector could reach the billions. Whether credit card providers, loan providers, store cards or other financial instruments can be brought into the argument remains to be seen but there are some intriguing opportunities for the future.

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