Bank Charge Test Case Yaws In Favour Of The Financial Institutions
Many people are aware that the beginning of this year (2008), brought about a High Court probe, in regards to the charges that have been implemented by British banks, since the turn of the millennium. Up until spring of 2007, people had been granted the right to claim back varying amounts for overdraft charges and the likes. It was all put on hold though, curtailed by this whole investigation; a subterfuge by the banks, perhaps.
The Office of Fair Trading kicked it all off in spectacular fashion, with the court agreeing with their bank directed accusation of unfair, unlawful practice. All great consumer-wise, in the short term. Then though, the whole palaver yawed, in favour of the banks; the judge was of the reckoning, that consumers would not be able to challenge the banks over the charges, under common law. This is non-relatable to NatWest and Intelligent Finance, however, who are still experiencing investigation.
The Consumer Action Group had something to say about all of this. Along the lines of apoplexy reduction among banks, who would have held still, aside from the vigorous shaking, that one holding ones breath for a prolonged period, would experience. That is somewhat anthropomorphic though, and an antipode faction of CAG, known as The British Bankers Association, want to move onto the next stage of the trial, in order to ascertain whether or not they are going to win, overall.
It certainly is a moot point, with yet another abbreviation synonymous organisation, (ASO) the OFT (Office of Fair Trading), described the secondary decision, not in terms of winners or losers, but in terms of an epoch ending, in a complex process, in order for another to begin. They spoke too, of an urge to get the investigation over and done with. They simply want fairness for the consumer.