Bank charges - OFT to review terms

The judgment on the test case hearing of January 2008 has been published this morning.  On a quick look through, the OFT will be able to review the fairness of the charges under the Unfair Terms in Consumer Contracts Regulations.  Contrary to the implication of some national headlines appearing already that the banks have “lost the case”, no judgment on the fairness of the charges has been given (nor was sought) in this trial of preliminary issues.  The terms do not amount to a penalty under common law.   If the banks wish to appeal the judgment, they have until 22 May 2008 to do so. 

24 April 2008