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UK Banks appeal against overdraft charge investigation

The Appeal Court has today ruled that the Office of Fair Trading has every right to investigate banking overdraft charges in the UK after an appeal by eight of the U.K.'s leading banks. Amid claims that the U.K.'s leading banks are attempting to prolong the agony of paying out literally billions of pounds of potential compensation to those charged "illegal overdraft fees" in the past, this saga continues to drag on.

However, even though this current appeal has been thrown out, the group of banks do have the right to appeal directly to the House of Lords for permission for yet another appeal against the move. Despite the fact that many banks have already paid substantial compensation to a small fraction of their customers they are now claiming that the investigation by the OFT should be dismissed which will effectively end the compensation program - which had been suspended ahead of the court case.

The ongoing court case to determine whether historical overdraft charges were in fact against the letter of the law should be resolved later this year so long as the appeal against the OFT investigation is not revived and the potential delays this may introduce.

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