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Long wait likely for Claimants following OFT announcement...
The Office of Fair Trading have today announced a test case between themselves and the main banks.
The OFT will tomorrow commence proceedings in the High Court for a declaration on the application of the law in respect of unauthorised overdraft charges.
The Financial Ombusdman Service have announced they will not be processing any further claims until the outcome of the test case.
The Financial Services Authority have announced they will allow the banks to waive the standard complaints procedure for complainants in relation to penalty charges on overdrafts.
However the Courts system will still handle claims - we do expect many courts will start staying claims pending the outcome of the test case...which is not likely to be resolved until the end of the year.
We recommend claimants continue to follow the process detailed on this site, and submit claims in the county court as usual.
See Full OFT Press Release Here
The Office of Fair Trading have today announced a test case between themselves and the main banks.
The OFT will tomorrow commence proceedings in the High Court for a declaration on the application of the law in respect of unauthorised overdraft charges.
The Financial Ombusdman Service have announced they will not be processing any further claims until the outcome of the test case.
The Financial Services Authority have announced they will allow the banks to waive the standard complaints procedure for complainants in relation to penalty charges on overdrafts.
However the Courts system will still handle claims - we do expect many courts will start staying claims pending the outcome of the test case...which is not likely to be resolved until the end of the year.
We recommend claimants continue to follow the process detailed on this site, and submit claims in the county court as usual.
See Full OFT Press Release Here
