The bank charges test case between leading UK banks and the Office of Fair Trading (OFT) continues today in the House of Lords.
The case is now in the hands of the House of Lords after it decided that the banks could appeal the decision made by the Appeal Court in February this year.
Back in February the Appeal Court decided that bank charges for unauthorised overdrafts can be investigated by the OFT under fairness regulations.
However, the banks appealed this decision, maintaining that their bank charges have always been fair, reasonable and perfectly legal.
A decision is expected by the House of Lords over the next few days, which could make all the difference to the estimated one million consumers with bank charges claims currently on hold.
Commenting on the ongoing test case, Which? chief executive Peter Vicary-Smith said: “It’s disappointing that nearly two years since this saga began, little has changed for the millions of consumers being hit with these charges.”
Despite this, consumers are urged to continue filing their bank charges claims, Bradley Askew, managing director at specialist claims firm Claims Financial said:
“We continue to encourage consumers to lodge their bank charges complaints, and remain confident that the House of Lords will do the right thing.”
