Bank charges appeal is thrown out

[Legal Beagles]

An appeal by eight banks against a ruling that a regulator can investigate the fairness of overdraft charges is thrown out.

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[Paule]

Re: Bank charges appeal is thrown out

An appeal by eight banks against a ruling that a regulator can investigate the fairness of overdraft charges has been thrown out.

The Appeal Court ruled that the Office of Fair Trading (OFT) has the power to look into the issue.

Master of the Rolls Sir Anthony Clarke said the banks could not appeal against the decision in the House of Lords.

Tens of thousands of claims currently on hold in the English and Scottish legal systems will stay frozen.

Sir Anthony dismissed the appeal and told the banks they should now allow the OFT to decide whether their charges were fair or not.

However, cases will stay frozen until the OFT has concluded its investigation.