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OFT to Drop Bank Charge Case


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OFT would have been given legal advice based on UTCCR 1999. I am unsure if they would have asked for advice based on other arguments, re CCA 1974 as amended. To be honest, without seeing the actual reasoning and what they say, it would impossible to comment.

They have mentioned Competition Commission reference(sky news, that is) and the report says the government believes the charges are unfair.

Office Of Fair Trading To Drop Case Against Banks Regarding Overdraft Fees | Business | Sky News

The above is the article

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FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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Wait till tomorrow morning for the OFFICIAL announcement.

 

In the meantime all we are doing is supposing a doom and gloom scenario.

 

Sky may have been mis-quoting and if, IF, they are right, how do we know if the OFT have a sting announcement against the Banks?

srfrench :eek:

 

Fight incompetance, stupidity, greed and unfairness......There's no excuse and no place for it in society, unless they really are! :wink:

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Move aside OFT. Let us get back to where we were pre-test case.

 

Why wait another few years for the ineffective OFT to get nowhere.

 

If this leak is correct, it is the best news I have heard all day.

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GuidoT, it will lead eventually to another Test case which I think is ridiculous since the OFT test case was about supposedly dealing with the legal issues about bank charges, and the SC judgement was very much the opposite. You were left with firstly, disappointment and then a sense of unfinished business. Ridiculous decision(I would like to see them publish the legal advice given though) IF it is true.

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FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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YB - it may well lead to another test case, but I suspect the banks will settle a few more claims before the momentum gathers for another test case.

 

Having said that it is difficult to predict what will happen though.

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Who will test it this time as the OFT appear to have dropped out?

 

I will - he says bravely.

 

Cannot make any more of a pigs ear of it than the OFT.

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