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From the London Stock Exchange.....
31st July 2007 16:10
It is thought that the Office of Fair Trading (OFT) test case into bank charges is set to rule that they are in fact illegal.
This has been speculated by experts at Hall Advisory Services, stating that there is a strong chance that bank charges will be ruled illegal.
In this eventuality consumers across the UK will be able to legally request repayment of previous charges, which would be at considerable cost to the banks in question.
For example, HSBC is reported to have paid £116 million in bank charges over the past six months, according to This Is Money.
"We're quite confident that the courts will rule in favour of the claims against the banks," commented Tim Wickham, director of Hall Advisory Services.
"This has been [indicated] by the amount that they've been paying to avoid [a ruling] in the past."
OFT reports that tens of thousands of complaints over the fairness of bank charges have been received by the county courts and Financial Ombudsman Service.
31st July 2007 16:10
It is thought that the Office of Fair Trading (OFT) test case into bank charges is set to rule that they are in fact illegal.This has been speculated by experts at Hall Advisory Services, stating that there is a strong chance that bank charges will be ruled illegal.
In this eventuality consumers across the UK will be able to legally request repayment of previous charges, which would be at considerable cost to the banks in question.
For example, HSBC is reported to have paid £116 million in bank charges over the past six months, according to This Is Money.
"We're quite confident that the courts will rule in favour of the claims against the banks," commented Tim Wickham, director of Hall Advisory Services.
"This has been [indicated] by the amount that they've been paying to avoid [a ruling] in the past."
OFT reports that tens of thousands of complaints over the fairness of bank charges have been received by the county courts and Financial Ombudsman Service.
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