OFT wins first round of unfair bank charges case
UK banks lose test case on overdraft charges, but OFT to rule on ‘unfairness’
LONDON – The UK High Court has decided that the Office of Fair Trading (OFT) is free to determine if banks can legally charge customers for unauthorised overdrafts. Mr Justice Andrew Smith supported the OFT’s argument that the 1999 Unfair Terms in Consumer Contracts Regulations can be applied to overdraft charges imposed by banks, and as such the banks can be sued in court. But Justice Smith stopped short of ruling on whether the charges were unfair.
The OFT launched the investigation into
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