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News Tag: Supreme Court

March 16, 2010

Consumers to benefit from overdraft opt-out

by Kay Murchie
’Consumers
Consumer watchdog, the Office of Fair Trading (OFT), has today revealed UK banks may soon be offering customers the ability to opt out of unarranged overdraft facilities. Should the procedure be put in place, it would mean consumers would avoid hefty fees if they slipped into the red. The announcement comes as the OFT took legal action against banks regarding unauthorised overdraft ...



December 22, 2009

OFT scraps plans to take further court action against banks

by Kay Murchie
”OFT
Consumer watchdog, the Office of Fair Trading (OFT), has announced it is to abandon plans to take further legal action against banks regarding unauthorised overdraft charges. At the end of last month, the Supreme Court ruled in favour of the banks over the fairness of the charges. The test case originally commenced in July 2007 after it was discovered ...



November 30, 2009

Lloyds seeks to dismiss overdraft cases

by Kay Murchie
”Lloyds
Last week, the Supreme Court ruled in favour of the banks over the fairness of unauthorised overdraft charges. The legal battle, which has been ongoing since July 2007, came as a devastating blow to consumer groups who have been campaigning for many years about the charges, which they deem to be unfair. Since the ruling, banking giant Lloyds said it is seeking to ...



November 25, 2009

Banks win legal battle over unauthorised charges

by Kay Murchie
”Banks
The Supreme Court has today ruled in favour of the banks over the fairness of unauthorised overdraft charges. The legal battle, which has been ongoing since July 2007, will come as a devastating blow to consumer groups who have been campaigning for many years about the charges, which they deem to be unfair. However, Lord Phillips, president of the Supreme Court said: ...



Unfair bank charges - Supreme Court to decide today

by Kay Murchie
”Unfair
The ongoing legal battle between seven high street banks and one building society could reach a conclusion today. The Supreme Court will decide whether the Office of Fair Trading (OFT) has the power to assess whether or not bank charges are fair. The case, which has been ongoing for more than two years, could see banks refund millions of pounds ...



November 17, 2009

Wednesday 25 November is judgement day

by Kay Murchie
”Wednesday
The ongoing legal battle between eight high street banks and the Office of Fair Trading (OFT) over unauthorised overdraft charges might actually reach a conclusion next week. Wednesday 25 November is the date that has been set for the Supreme Court to decide whether the OFT has the power to assess whether or not bank charges are fair. Banks and building societies were ...



September 9, 2009

Is RBS pre-empting the Supreme Court?

by David Masters
”Is
Consumer advice sites Moneyfacts and uSwitch.com have reacted with cynicism to the Royal Bank of Scotland's (RBS) decision to lower overdraft fees. RBS and sister bank NatWest cut unauthorised overdraft fees in half to £15 earlier this week. Charges for bounced cheques were reduced from £38 to £5. The changes come ahead of a ruling by the Supreme Court which will decide whether the ...



September 7, 2009

RBS cuts overdraft charges ahead of Supreme Court decision

by Kay Murchie
”RBS
Royal Bank of Scotland (RBS), which is 70% owned by the Government, has slashed its overdraft charges - ahead of the decision by the Supreme Court over whether or not the Office of Fair Trading (OFT) can regulate these charges. The changes, which come into effect on October 1, will also affect NatWest customers and will see the ...