Banks lose appeal case in charges battle
Latest update: The High Court has ruled in favour of the Office of Fair Trading (OFT) today by announcing it can assess bank charges for fairness.
The ruling is in response to an appeal by the eight High Street banks at the centre of the case.
It is unclear at present whether the banks intend on taking their case to the House of Lords to attempt to have the decision overturned.
Either way, consumers will not be able to reclaim their bank charges until the OFT delivers its final assessment on whether the charges are fair.
The OFT has said it will be making a statement on its victory in the appeal case later today.
If the banks do not appeal, the earliest this can happen is later into 2009.
"Article Courtesy of Alan O'Sullivan, This is Money"
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