Thread: Bank Charges issues post test case - How long will customers have to submit a claim for repayment?

Assuming then that the OFT confirms its preliminary view that bank charges have been historically excessive and therefore unfair: --

How long will customers have to submit a claim for repayment?

Under the Limitation Act, customers will have 6 years from the date of the final OFT ruling of unfairness to bring their claims (the date that the mistake of law was discovered). This means that their claims will not become statute barred until at least 2015

·Will an FSA repayment scheme recognise such a long period of time or will they introduce a shorter period after which customers must rely on the goodwill of the bank or else litigate?


After the heat - post test case issues in full