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Re: Revealed: £1.7bn left in limbo over rip-off bank charges
More than 1.1million bank customers have an estimated £1.7billion stuck in limbo because of a freeze placed on complaints over rip-off bank charges.
A Daily Mail investigation has uncovered the first official figures from the City regulator, the Financial Services Authority, revealing the extent of the fightback.
They show how at the peak, banks were receiving one complaint about bank charges every 30 seconds.
But since July 2007 banks have been allowed to put on hold all these complaints.
More than 1.1million have been left stranded until a case between the Office of Fair Trading and the major current account providers is settled.
The latest decision in the case, on an appeal to the House of Lords, is expected next month.
Banks have been given permission to stall customers until January next year.
The Consumer Action Group said: 'It is a disgrace. Many people are being denied money that's rightly theirs.'
The consumer fightback began in 2006. Banks were charging up to £39 each time a customer breached an overdraft limit. Campaigners argued these fees were a breach of unfair contract terms and started small claims court action.
Figures obtained by the Mail's sister website ThisisMoney.co.uk reveal that the number of complaints about current account overcharging hit 545,358 in the first six months of 2007 alone.
The banks and OFT decided to settle the matter once and for all in court and all complaints were put on ice in July 2007.
A spokesman for the British Bankers' Association said: 'We will get through this as quickly as possible.'
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Re: Revealed: £1.7bn left in limbo over rip-off bank charges
Oh, they mean the first NON FOI request figures.
I did wonder why they said OFFICIAL.Comment
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