Tuesday 8th July - Latest News on the OFT v Banks Test Case

[Amethyst]

'The Banks' have asked when the OFT will make a ruling on the fairness or unfairness of the charges. Justice Smith believes the next stage will be for the OFT to seek an injunction against charges being applied. They will hold a Case Management conference this afternoon at 2pm.

Currently the OFT and Banks are going through specific historical clauses and deciding if they may be deemed as penalties. This is expected to be complete by lunchtime.

[Tempty]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

coolio will check back later later then

[Amethyst]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

HBOS still going through their penalty clauses

RBS to go next.

Then they will break for lunch and the CMC will be held at 2pm.

The Judge is of the opinion the OFT may be asking for an injunction at the CMC but the OFT are keeping their cards close to their chest at the moment.

[Shazzaw]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

Appears that the most interesting news so far will be delivered this afternoon then.

With regards to an 'injunction' being mentioned what would this entail with regards to charges - that they would stop immediately whilst matters are resolved??

My quick google of the meaning injunction has come up with :-

" Injunctions are orders that one side refrain from or stop certain actions" so would the OFT be seeking a complete cessation of any charges by the banks in the immediate future or is this wishful thinking!!!

shazza

[Amethyst]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

I think it would be more likely an injunction against charges over a certain level - but honestly I don't think we can surmise until after the CMC.


Could be very very interesting and not just with regards to that We shall see.

[EXC]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

I'm very confused now. The submissions on penalties are still being heard with HSBC & RBS yet to go. After that the judge will ''deal'' with the read-across issue of historicals to UTCCR 6.2. There was a discussion just before lunch in which the banks were keen to have the CMC some time today but the OFT appear to want to hold off until October and the judge dosn't seem that fussed. The OFT have as yet to give any indication as to when they will make a ruling on fairness but hopefully they will give us a clue later this afternoon.

The judge is very keen to give some kind of advice to the county courts on stayed claims or at least a good reason why stays should remain. He even suggested that - in the unlikely event the OFT rule the charges fair - a handful of cases could be used as test cases if consumers don't agree!



So It's not clear if there will even be a CMC at all today - but if there is it won't be till around 4 oclock. Sorry I can't be clearer but I'll call through an update to Ame as soon as I know. I'm sure we'll have some clarity by the end of the day. Unfortunately Tom wasn't here to help me understand where we are just now but he'll be back this afternoon.

[Amethyst]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

CMC is definately on - just starting now.

OFT Press Officer in attendance.....hold on to your seats


(I could be entirely wrong but hey we need a bit of excitement )

[Curlyben]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

Well the popcorn's all ready, just need some beers

[Shazzaw]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

OMG - something worthy of note happening for the first time in months!!!!!!!!! Press Officer being there has to mean some sort of breaking news - but will it be good or bad - nervously waiting for next post!

[Amethyst]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

BOO !!!!








:laugh:

couldnt resist sorry

[ed.]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

I don't like you anymore - I just rushed back to the thread! gggrrrrrrrrr lol

[breeze1996]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

Wonder just what is under way?

Bet they freeze fees over £8.

[Shazzaw]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

That was seriously not funny!!!!! I saw you'd posted .............. took a deep breath as I waited for page to refresh and got a ...................BOO !!! Sitting here chuckling though to myself - v.good Ame - hope I'll still be smiling when the impending news breaks - c'mon, c'mon, c'mon

[TANZARELLI]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

Gripping stuff!!!

[fuzzybrain]

Re: Tuesday 8th July - Latest News on the OFT v Banks Test Case

It's the most excitement I've had in a while!! I'd better intro myself as I'm new to this site, but have successfully claimed back charges banks before the stay was imposed. I have 3 cases at present (2xlocal court and 1 at MCOL)

Anyway back to the matter at hand....

Am I right in thinking then that the Judge is keen to get the stay matter concluded and by the fact he has indicated that consumers could go ahead as test cases even if OFT rule charges are fair (which I would hope is as likely as Lord Lucan riding Shegar in the grand national and winning - but hey this is Britain and we never do the expected!!) the judge is sending heavy hints that the charges are unfair and will lift the stays??

I can but hope - I know the state on my bank balance and it's not a pretty picture!!