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Friday, 27 July 2007 01:00 |
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On the 26th of July 2007 the Office of Fair Trading announced that they had agreed with seven of the major banks to run a test case in the High Court. This is to test the principles of reclaiming back bank charges. The FSA has also announced that banks do not need to deal with the current claims they have. The financial Ombudsmen will most likely cease acting on the claims they have. It is also envisaged that the Master of the Roles will be asked to suspend any pending court cases until a decision has been made.
This came as quite a shock to the millions of consumers involved in reclaiming their bank charges. For the time being all cases will be put on hold until the courts decide. This may have dire consequences for people who are nearly up to the six year limit as per The Statute of Limitations.
There has been little or no consultation with various consumer organisations prior to this announcement, which could imply this has already been decided behind closed doors in the banks favour. If this is the case it will save the banks literally billions.
We will endeavour to keep you updated with any further information as and when we receive it.
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Last Updated on Friday, 24 August 2007 03:33 |