The Office of Fair Trading has this morning announced it has no plans to continue fighting for historical bank charges refunds through the courts. Although we are disappointed, it has put the ball back in the consumers court and the frustrations of waiting for the OFT and regulators to make decisions affecting us all should now be behind us. At the very least 1.2 million people have been waiting for this decision and can now decide how to move forwards.
The OFT, speaking to Legal Beagles this morning, have said they currently have no plans to refer any issues to the Competition Commission as it would take upwards of 3 years to come to any conclusion and wouldn't necessarily result in any redress for consumers.
They have thanked Legal Beagles members for their input into the process and hope to continue working with us in the future to ensure the consumers view is taken into account. They have passed our submissions on to their counsel and it has all been taken into account when making the decision.
They now appear to be totally focused upon future change. Refunds of historical charges however will now be left to Consumers to fight on an individual basis. We agree with this as the arguments under the Consumer Credit Act and UTCCR 5(1), as well as under misrepresentation, will focus on individuals circumstances.
We do not believe there is any simple all encompassing argument for claimants who wish to continue claims in court. We expect the banks to put everything they can behind the first defences on the improved arguments. For this reason we do NOT recommend anyone who isnt already in the courts system enters a claim. We will assist wheresoever we are able in forming individuals cases, however we must make claimants fully aware of the risks involved in terms of costs and the sheer work involved in putting forward your case.
We have set up forums for help with cases in court, and those with the FOS and Banks complaints system:-
Bank Charge Claims in Courts System - next steps - Legal Beagles
and
Banks Charges complaints with Financial Ombudsman or Banks - next steps - Legal Beagles
and although it may be slow going for a while we shall have detailed guidance to claimants within the next few days.
We have posted very brief guidance as to claimants options now:- OFT drop case - What are the options for consumers with charges claims ? - Legal Beagles with regards historical charges action.
If you are in hardship please please post in the hardship forum for help.
We are still looking into the possibility's of a representative action, which, much as the CCA Test cases, will take individuals claims covering a number of different points together and hopefully create precedents to assist the county courts in their decisions.
The OFT have also indicated that they may be able to give opinion to the court in individual/class actions that are formed on the basis of the CCA Unfair Relationships.
Legal Beagles have now entered a Freedom of Information request to obtain all documents from the OFT regarding the test case and decision making process. These documents we consider no longer need to be hidden as there is no longer legal action being taken. This will take a while to get but should assist us in helping individuals with further action.
The OFT will now focus on the future fairness of the personal current account market and have asked for our help with this. They need to know consumers opinions. We already know they DO listen to consumers and they have used a lot of Beagles members views in their interim PCA Market Study Report.
They would like us to update the report and we have started working on this Personal Current Account Market Study - OFT - updating our response - OPEN - Legal Beagles . PLEASE give us your input into this, and the other consultations. It is the best way to get your voice heard.
It has been a long journey, many of us have been involved in the bank charges campaign since late 2005 / early 2006 and have already obtained 'goodwill' refunds from the banks. We have seen the pain these charges cause people and the sheer ignorance and lack of consideration the banks have offered. We will continue fighting for justice for consumers who have been affected by the charges because we strongly believe the banks should not be able to get away with causing so much misery to so many people over so many years.
Happy Christmas
Ame
xx
:26:
The OFT, speaking to Legal Beagles this morning, have said they currently have no plans to refer any issues to the Competition Commission as it would take upwards of 3 years to come to any conclusion and wouldn't necessarily result in any redress for consumers.
They have thanked Legal Beagles members for their input into the process and hope to continue working with us in the future to ensure the consumers view is taken into account. They have passed our submissions on to their counsel and it has all been taken into account when making the decision.
They now appear to be totally focused upon future change. Refunds of historical charges however will now be left to Consumers to fight on an individual basis. We agree with this as the arguments under the Consumer Credit Act and UTCCR 5(1), as well as under misrepresentation, will focus on individuals circumstances.
We do not believe there is any simple all encompassing argument for claimants who wish to continue claims in court. We expect the banks to put everything they can behind the first defences on the improved arguments. For this reason we do NOT recommend anyone who isnt already in the courts system enters a claim. We will assist wheresoever we are able in forming individuals cases, however we must make claimants fully aware of the risks involved in terms of costs and the sheer work involved in putting forward your case.
We have set up forums for help with cases in court, and those with the FOS and Banks complaints system:-
Bank Charge Claims in Courts System - next steps - Legal Beagles
and
Banks Charges complaints with Financial Ombudsman or Banks - next steps - Legal Beagles
and although it may be slow going for a while we shall have detailed guidance to claimants within the next few days.
We have posted very brief guidance as to claimants options now:- OFT drop case - What are the options for consumers with charges claims ? - Legal Beagles with regards historical charges action.
If you are in hardship please please post in the hardship forum for help.
We are still looking into the possibility's of a representative action, which, much as the CCA Test cases, will take individuals claims covering a number of different points together and hopefully create precedents to assist the county courts in their decisions.
The OFT have also indicated that they may be able to give opinion to the court in individual/class actions that are formed on the basis of the CCA Unfair Relationships.
Legal Beagles have now entered a Freedom of Information request to obtain all documents from the OFT regarding the test case and decision making process. These documents we consider no longer need to be hidden as there is no longer legal action being taken. This will take a while to get but should assist us in helping individuals with further action.
The OFT will now focus on the future fairness of the personal current account market and have asked for our help with this. They need to know consumers opinions. We already know they DO listen to consumers and they have used a lot of Beagles members views in their interim PCA Market Study Report.
They would like us to update the report and we have started working on this Personal Current Account Market Study - OFT - updating our response - OPEN - Legal Beagles . PLEASE give us your input into this, and the other consultations. It is the best way to get your voice heard.
It has been a long journey, many of us have been involved in the bank charges campaign since late 2005 / early 2006 and have already obtained 'goodwill' refunds from the banks. We have seen the pain these charges cause people and the sheer ignorance and lack of consideration the banks have offered. We will continue fighting for justice for consumers who have been affected by the charges because we strongly believe the banks should not be able to get away with causing so much misery to so many people over so many years.
Happy Christmas
Ame
xx
:26:
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