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14/01/2008
Bank Charges Test Case Set To Open
A High Court test case, which could bring major charges to banks' unauthorised overdraft charges is due to begin today.
The case has been brought by the Office of Fair Trading against seven banks, including Barclays, Clydesdale Bank, HBOS and HSBC, and the Nationwide Building Society.
The OFT has claimed that the charges are unfair, arguing that the overdraft charges come under the provisions of the 1999 Unfair Terms in Consumer Contracts Regulations. However, banks say that the charges are legal and are not a penalty fee, but a charge for a service.
Banks are believed to earn £10 million a day from the fees.
The case is due to begin formally later on Monday, but the hearing is not expected to open until Wednesday.
If the banks lose the case, they face the prospect of having to pay compensation to anyone who has been overcharged for the past six years, leading to a bill of potentially billions of pounds.
The hearing is expected to three weeks with judgement to follow some time later.
(KMcA)
The case has been brought by the Office of Fair Trading against seven banks, including Barclays, Clydesdale Bank, HBOS and HSBC, and the Nationwide Building Society.
The OFT has claimed that the charges are unfair, arguing that the overdraft charges come under the provisions of the 1999 Unfair Terms in Consumer Contracts Regulations. However, banks say that the charges are legal and are not a penalty fee, but a charge for a service.
Banks are believed to earn £10 million a day from the fees.
The case is due to begin formally later on Monday, but the hearing is not expected to open until Wednesday.
If the banks lose the case, they face the prospect of having to pay compensation to anyone who has been overcharged for the past six years, leading to a bill of potentially billions of pounds.
The hearing is expected to three weeks with judgement to follow some time later.
(KMcA)
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24 April 2008
Customers Win First Round In Bank Charge Battle
A small victory has been won by customers who have so far borne the brunt of excessive bank charges, as the Office of Fair Trading (OFT) has won the right to investigate them. The High Court has ruled that charges imposed for unauthorised overdrafts are subject to "unfair contract" regulations.
Customers Win First Round In Bank Charge Battle
A small victory has been won by customers who have so far borne the brunt of excessive bank charges, as the Office of Fair Trading (OFT) has won the right to investigate them. The High Court has ruled that charges imposed for unauthorised overdrafts are subject to "unfair contract" regulations.
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Lib Dems announce plans to cut 'unfair' health charges
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Lib Dems announce plans to cut 'unfair' health charges
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High Street set to offer NHS hearing aids
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05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
07 February 2011
Risk Of Injustice For Assange
The lawyer of Julian Assange has highlighted the risk of a "flagrant denial of justice" if the Wikileaks founder is tried for rape in Sweden. Discussing separate charges relating to Wikileaks, Geoffrey Robertson QC said he feared his client could face the death penalty if extradited to the US.
Risk Of Injustice For Assange
The lawyer of Julian Assange has highlighted the risk of a "flagrant denial of justice" if the Wikileaks founder is tried for rape in Sweden. Discussing separate charges relating to Wikileaks, Geoffrey Robertson QC said he feared his client could face the death penalty if extradited to the US.
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Northern Ireland WeatherThis Evening and Tonight:Scattered showers and clear spells continue through this evening, becoming dry with clear skies developing in places for a time overnight. Clouding over again from the west by sunrise. Minimum temperature 3 °C.
