The big high street banks and one building society have lost their test case against the OFT over bank charges.
As noted on UK Finance News, the case has revolved around whether the OFT has the right to rule on overdraft charges - not necessarily whether the charges themselves are fair - although the implication is that the OFT is best placed to judge that.
To date, scores of customers’ refund claims have been stacking up in County Courts pending this ruling. Their right to base claims on an earlier OFT ruling, relating to credit card charges has been reestablished.
However, cases may still be frozen until 22nd May - the date by which the Banks are given leave to appeal.
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