Bank charges complaints delayed

[Legal Beagles]

Banks will not have to deal with new complaints about unauthorised bank charges for another six months, the City watchdog says.

More...

[Amethyst]

Re: Bank charges complaints delayed

delayed ? from what?

anyway


Bank charges complaints delayed


The case surrounds millions of pounds in overdraft charges

Banks will not have to deal with new complaints about unauthorised bank charges for another six months.
The Financial Services Authority (FSA) has extended the "waiver" on complaints about excessive overdraft charges because a test case is still going on.
The extension means the period of grace for banks will now end in January 2010.
Law Lords will rule on the latest stage of the test case in the autumn, but the legal battle is expected to continue for some time.
'Progress'
"Although the test case is progressing well, we still do not have certainty on this complex issue," said Dan Waters, director of retail policy and conduct risk at the FSA.
THE STORY SO FAR...
Nearly a million people have claimed for the return of their unauthorised overdraft charges but their cases are on hold
If the banks win their latest appeal, these people are unlikely to get any money back
If the banks lose, then the legal arguments should move on to a key stage - a case to determine whether these charges were fair or not
Only then will people have a clearer picture as to whether billions of pounds will be handed back to customers



What next for bank overdraft fees?

"Our objective continues to be facilitating a fair and consistent resolution of consumer complaints about unauthorised overdraft charges."
This is the third time that the original waiver, first granted in the summer of 2007, has been extended.
All new claims against banks were effectively suspended in July 2007 when the Office of Fair Trading (OFT) and seven banks, along with the Nationwide building society, agreed to stage a test case to see if their controversial overdraft charges were legal or not.
Following a three-day appeal in the House of Lords in June, all parties are now waiting for their decision on whether to uphold the right of the OFT to regulate bank charges.





























































Its over a million as per our FOI info from FSA - I did email Ian to tell him but he's on hols and the author of this article isnt named.