WHAT DOES THE RULING MEAN FOR BANKS AND FOR CONSUMERS?
PETER VICARY-SMITH WHICH?
“This is a bitter blow for the millions of people who have been patiently waiting to get their bank charges back.
Not only does it give banks licence to charge what they like for unauthorised overdrafts, but it could have ramifications for other areas of personal finance.”
MATHEW REA DAWSONS LLP
“The decision is a hammer blow to the OFT and signals the end of the road when it comes to investigating bank charges on behalf of the public. Consumers now have the option to pursue individual claims against the bank but this would be extremely costly and time consuming.”
ADAM PHILLIPS FINANCIAL SERVICES CONSUMER PANEL
“If banks are serious about treating customers fairly, they should realise that it’s not fair to fund their retail banking operations through charging high rates to one section of their customers. The OFT and FSA must engage with the banks, to get a clear resolution and fair charges for bank customers.”