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

[ed.]

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

Welcome to the site!

That is pretty much my feelings on it given Smith's previous comments, and the way he is riding this one with his suggestions and comments.

[fuzzybrain]

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

Thank you for the welcome I have been following posts for ages, but haven't been brave enough to post until now. It was the boo that made me giggle - I thought that was a brilliant post!!!

Lets hope the stay matter is concluded in our favour, the only problem that concerns me is that if the Judge decides to lift the stay will the banks have a period of time to appeal the decision (which they would obviously do) and would everything then be side tracked by appeals - which is a bit of what has happened this far.

If the judge did lift the stays would banks have the ability to reclaim any sucessful claims since the stay was lifted if later down the line the case was appealled and won by the banks??

[showergirl]

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

I am waering my carpet out running back and forth to my computer. Lets hope it's good news. Good luck guy's

[Amethyst]

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

The judge is quite ummm facially expressive lol. Not sure how much you can read in to that - He seemed very positive on the consumers side in the first main hearing too - not sure if the judgement equates to his initial thoughts.

Certainly he seems confuddled by the charging structures in place, and appears to be agreeing with the OFT on the clauses they have selected as being able to incur a penalty....but I do think its pretty wide open.


oh havent heard anything from court since the CMC started.

[Amethyst]

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

If the judge did lift the stays would banks have the ability to reclaim any sucessful claims since the stay was lifted if later down the line the case was appealled and won by the banks??

mmmm thus far all (99% odd) claims settled have been 'gestures of goodwill' type settlements - so no they couldn't reclaim them.

I'm sure that the period between intial stay lift (if there is one for normal claimants) and the appeals process will be outlined by the FSA - similarly to how they specified what would happen for cases at different stages when they introduced the waiver initially.

I don't think the waiver will be lifted today at all tho.

[TANZARELLI]

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

I'm dying for a plop LMAO

[Curlyben]

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

Thanks for that Tanz

[EXC]

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

Unfortunately there is no significant news to report at this stage.

Mr Crow, on behalf of the OFT, indicated that the investigation has not reached any conclusions at this stage. They expect to reach a provisional view - and communicate that provisional view to the banks - at the end of July. At this stage, Mr Crow could not state what the content of those provisional findings would be, nor the extent of those findings. As a result, we do not know if those findings can be provided to the judge in this case, due to the fact that there may be commercially sensitive information within those findings.

Mr Crow did suggest, however, that those findings could be redacted, if necessary, and thereby allow them to be provided to the judge. Smith J. was keen to ensure that this information be made as public as possible, for obvious reasons.

Although the judge has yet to give directions, it appears that the OFT will be reporting to the judge by way of letter on 24th and 25th July as to the position at that time. The biggest concern for the judge was that the OFT and the banks would reach some form of agreement as to a fair level and/or structure of charging and would therefore discontinue the current litigation. This would cause significant problems for the issue of historic terms as they affect thousands of cases currently on hold in the county courts. The judge was keen to stress that in his opinion, this test case was the best vehicle for determining the issues, rather than using test cases from a number of individual consumers. It appeared that both the OFT and the banks agreed with this.

In respect of the appeal, the Court of Appeal indicated it could hear the appeal in July, but the OFT indicated that it was not in a position to start the appeal hearings at that time (although the banks were prepared to have the hearing then). As a result, an appeal window of late October to mid-November is the most likely time for the UTCCR appeal to be heard. Since we do not yet have a ruling in respect of historic terms for either UTCCR application or penalty charges at common law, it is not clear whether those issues will be heard at the same time. Having said that, I am of the opinion that the Court of Appeal will probably want to deal with all the issues simultaneously.

Tom Brennan

[showergirl]

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

Unfortunately there is no significant news to report at this stage.

Mr Crow, on behalf of the OFT, indicated that the investigation has not reached any conclusions at this stage. They expect to reach a provisional view - and communicate that provisional view to the banks - at the end of July. At this stage, Mr Crow could not state what the content of those provisional findings would be, nor the extent of those findings. As a result, we do not know if those findings can be provided to the judge in this case, due to the fact that there may be commercially sensitive information within those findings.

Mr Crow did suggest, however, that those findings could be redacted, if necessary, and thereby allow them to be provided to the judge. Smith J. was keen to ensure that this information be made as public as possible, for obvious reasons.

Although the judge has yet to give directions, it appears that the OFT will be reporting to the judge by way of letter on 24th and 25th July as to the position at that time. The biggest concern for the judge was that the OFT and the banks would reach some form of agreement as to a fair level and/or structure of charging and would therefore discontinue the current litigation. This would cause significant problems for the issue of historic terms as they affect thousands of cases currently on hold in the county courts. The judge was keen to stress that in his opinion, this test case was the best vehicle for determining the issues, rather than using test cases from a number of individual consumers. It appeared that both the OFT and the banks agreed with this.

In respect of the appeal, the Court of Appeal indicated it could hear the appeal in July, but the OFT indicated that it was not in a position to start the appeal hearings at that time (although the banks were prepared to have the hearing then). As a result, an appeal window of late October to mid-November is the most likely time for the UTCCR appeal to be heard. Since we do not yet have a ruling in respect of historic terms for either UTCCR application or penalty charges at common law, it is not clear whether those issues will be heard at the same time. Having said that, I am of the opinion that the Court of Appeal will probably want to deal with all the issues simultaneously.

Tom Brennan

So does this mean that we are still left hanging around waiting for a decision

[Amethyst]

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

I'm dying for a plop LMAO

roflmao you are awful

Well wasn't that an exciting afternoon

So does this mean that we are still left hanging around waiting for a decision

Yep



Wonder if anything came up about the FSA and Banks meeting about hardship ???????????

[TANZARELLI]

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

Thanks for that. Have to say I am gutted but thanks for the reporting of this once again. You have all done a fantastic job keeping us informed.

Top bananas, thats what you are!!!

[Sapphire]

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

Oh well another day beckons.

Onwards and upwards eh peeps.

[Amethyst]

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

[Amethyst]

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

Waiver continues then

[fuzzybrain]

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

:mmph::censored:"Several rude swear words " (i'm way too polite to post them - plus i don't want to get banned for using bad language!!! ) Was anymore said about the injunction or charges being applied??