Tweet
Apologies if this has already been posted
Interesting that they intend publishing their report before the test case, that should give the banks a head start with their defence
OFT files details of case against unauthorised overdraft charges
126/07 31 August 2007
The OFT has today filed particulars of claim at the High Court on the application of the law in respect of unauthorised overdraft charges, and these documents will be available on the OFT website next week after they have been served on the other parties. The documents relate to the question of whether the fairness test in the Unfair Terms in Consumer Contract Regulations (UTCCRs) applies to the relevant charges.
The OFT is continuing its financial investigation to determine whether or not unauthorised overdraft charges are fair, based on its view that the fairness test does apply to them. This investigation is due to be completed by the end of the year.
The banks take the view that the charges are not covered by the fairness test in the UTCCRs and the court case at the beginning of 2008 is designed to test this point of law. It will not lead to a judgment as to whether the charges themselves are fair or not. The OFT will decide after the initial judgment what steps to take should it win the test case and conclude from its financial investigation that any of the charges are unfair. The OFT will publish its market study on the current account market in December 2007.
126/07 31 August 2007
The OFT has today filed particulars of claim at the High Court on the application of the law in respect of unauthorised overdraft charges, and these documents will be available on the OFT website next week after they have been served on the other parties. The documents relate to the question of whether the fairness test in the Unfair Terms in Consumer Contract Regulations (UTCCRs) applies to the relevant charges.
The OFT is continuing its financial investigation to determine whether or not unauthorised overdraft charges are fair, based on its view that the fairness test does apply to them. This investigation is due to be completed by the end of the year.
The banks take the view that the charges are not covered by the fairness test in the UTCCRs and the court case at the beginning of 2008 is designed to test this point of law. It will not lead to a judgment as to whether the charges themselves are fair or not. The OFT will decide after the initial judgment what steps to take should it win the test case and conclude from its financial investigation that any of the charges are unfair. The OFT will publish its market study on the current account market in December 2007.
