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Banks set to appeal OFT charges ruling

bank charges This is an important decision, but is only one stage in the process and does not have any immediate implications for consumers. The judge has given the banks until May 22 to decide whether to appeal. If they do appeal, as seems likely, this case could go all the way to the House of Lords and even the European Court of Justice. The FSA has issued a waiver from its complaints handling rules that apply to unauthorised overdraft charges complaints. This means that any court claims or claims to the Financial Ombudsman Service relating to unauthorised overdraft charges are likely to remain on hold for quite some time. It is also important to remember that this ruling mainly concerns whether overdraft charges are capable of being assessed for unfairness. The Court did not decide whether such charges are in fact unfair; that question may well involve a separate test case, which would further delay a resolution to the general issue of whether unauthorised overdraft charges are unfair.

24-Apr-2008

5:32 pm