UK Money News
24th April 2008
OFT wins right to examine bank charges
A High Court judge has backed the Office of Fair Trading's (OFT) right to examine bank charges in a test case.
Mr Justice Andrew Smith's ruling means that the OFT can apply consumer contract regulations to determine whether the fees are unfair.
The OFT had been challenged by some of the UK's largest lenders, including Barclays, Royal Bank of Scotland and Abbey, who are now expected to appeal the decision.
The appeal process coupled with the need for a further hearing to decide if the charges are unfair means that consumers face a long wait before they find out if they can attempt to reclaim the money they paid to banks through the courts.
Doug Taylor, personal finance campaigns manager at Which?, told BBC Online: "The banks should do the right thing now and concede defeat, agree with the OFT what constitutes a fair unauthorised overdraft fee and refund their customers as soon as possible."
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