Call free for debt management, debt help & advice

| All News | Archived News |

OFT and FSA to take legal action against banks

27 July 2007

The Office of Fair Trading (OFT) and Financial Services Authority (FSA) are taking UK banks to court over unauthorised overdraft charges.

Consumer watchdog Which? has described the move as "a victory for common sense", while the organisation`s personal finance campaigner Doug Taylor said the process will "finally give legal certainty" that customers have been treated unfairly.

Unauthorised bank charges can contribute to a person`s overall debt and today`s announcement could go some way to helping consumers financially.

"A lot of time and money could have been saved if the banks had not tried to evade questions about their charging structures for the past year," said Mr Taylor.

"It`s unfortunate that it has to go to court, but at least we will get a decision that banks cannot dispute."

Following the announcement, Liberal Democrat shadow chancellor Vince Cable said that he was looking forward to courts ruling in favour of the customer.

Top of page

Speak to an expert today
Call freephone: 0800 161 3516

Repaying debt ‘higher priority for consumers’ - 03/12/2008
A new survey has suggested that consumers are spending less on ‘non-essential’ pursuits such as eating out, short holidays and ...
Consumers not thinking through consequences of debt - 03/12/2008
Consumers may be worried about managing their debts, but many have given little thought to how they’ll repay what they ...
Parents being helped out financially by children, study says - 01/12/2008
A new study has found that a significant number of parents in the UK are in receipt of financial assistance ...

©2008 Gregory Pennington Ltd. Pennington House, Carolina Way, South Langworthy Road, Salford M50 2ZY. Company Registration No. 2855061
Registered in England and Wales

Debt management, debt help & debt advice services:
Debt Management | Debt Solutions | Debt Consolidation | IVA | Trust Deed