Bank charges appeal is thrown out
Joined: 28 Apr 2008
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Topic: Bank charges appeal is thrown out
Posted: 26 Feb 2009 at 19:52
An appeal by eight banks, against a High Court ruling that a regulator can investigate the fairness of overdraft charges, has been thrown out.
The Appeal Court ruled that the Office of Fair Trading (OFT) has the power to investigate the issue of bank charges.
The banks will ask the House of Lords for permission to appeal further, against the appeal judges' advice.
Tens of thousands of claims currently on hold in the English and Scottish legal systems will stay frozen.
The OFT welcomed the Appeal Court ruling.
"The court found that these terms are not part of the core or essential bargain between a consumer and their bank, and therefore consumers do have protection under the Unfair Terms in Consumer Contract Regulations (UTCCRs) for these terms," the OFT said.
"We expect to reach a final decision on fairness later this year," it added.
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