UK Money News
14th January 2008
High court hearing on overdraft charges underway
A hearing has commenced on a test case ruling on the legality of unauthorised overdraft charges at the high court, the Office of Fair Trading (OFT) has stated.
The regulator stresses that the current investigation is not intended to establish whether the terms and conditions set down by individual banks are unfair.
Rather, it is meant to rule on whether the unauthorised overdraft charges are subject to Unfair Terms in Consumer Contracts Regulations (UTCCR).
The OFT adds that it is continuing to analyse data supplied to it by commercial banks and will provide further information once the ruling has been reached an it has had time to consider the implications.
Expected to last three weeks, the hearing results from a case brought against a number of personal finance institutions, including Barclays Bank, HBOS plc, HSBC Bank plc, Lloyds TSB Bank plc, Nationwide Building Society and Royal Bank of Scotland Group, Abbey National and Clydesdale Bank.
In November, the OFT published a response to representations from the banks in which it was made clear that the lenders did not feel that unauthorised overdraft fees were subject to the regulations set out in the UTCCR.
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