Banking News Bank Charges Decision Date Set 18470141

Bank charges decision date set

18 November 2009 / by Rebecca Sargent

The Supreme Court has set a bank charges decision date of Wednesday 25 November.

The judgement is expected to be given at 9.45am, and could change the face of bank charges for good.

Commenting, Martin Lewis, creator of said: “After nearly two and a half years, it looks like we’re about to get a firm result.

“The High Court and Court of Appeal have ruled and it’s to be hoped the Supreme Court continues to stick up for the million plus people with reclaims on hold and follows their ruling.”

The case, which was launched back in 2007, is to decide whether overdraft charges can be assessed using fairness rules. Both the High Court and the Court of Appeal have ruled that they can, but the banks continue to appeal the decision.

If, next week, the decision goes against the banks, the Office of Fair Trading will be able to reassess bank charges using these rules. However, the banks could still drag the case out further. As Mr Lewis adds:

“There’s currently nothing stopping the banks challenging that in court and dragging the whole thing on for years more.

“The real hope of a quick solution is for political intervention after this result, to get a negotiated settlement.”

© Fair Investment Company Ltd

Written by Editorial Team