UK Money News
24th April 2008
Verdict imminent over bank charges
A High Court judge could today clear the way for a ruling that unauthorised bank charges are unfair.
Mr Justice Andrew Smith's verdict in the case brought by the Office of Fair Trading, seven high street banks and one building society will determine whether the OFT can rule the charges are unfair.
The case was brought after consumers began to reclaim millions of pounds through the UK courts system.
Marc Gander of the Consumer Action Group told BBC Online: "A decision in favour of customers would be massively significant.
"Public confidence in the banking system is at an all-time low."
However, in the event that the judge finds in favour of the OFT consumers will not be entitled to reclaim charges immediately.
Rather, a second hearing would be required in which it would be decided whether the fees are unfair according to the 1999 Unfair Terms in Consumer Contracts Regulations.
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