More Confusion In The Bank Charges Reclaim Saga
The bank charges reclaim saga seems to go from one extreme to the other with recent court rulings going in favour of the banks, and then another court judge penalising the bank for not turning up at court. What really is going on and who has the upper hand at the moment?
If you read the press and listen to the comments from the banking association you would be forgiven for thinking it is all over and the banks have won - this is not the case. While the case for the banks may on the surface have been strengthened by recent rulings, we are still awaiting that ever important “land mark ruling†on a true test case. There has been concern that some of the recent cases which have gone in favour of the banks because of the failure of customers to truly clarify the situation, and argue the correct facts.
The legal profession have by no means given up the fight, and we should receive further guidance as and when the authorities finally issue their report on bank charging structures. Until then we may see a number of differing comments, case rulings and press comment but bearing in mind that the banks have already paid out millions in “compensation†they must have had grounds for their initial concerns.
However, much of the current confusion is working in favour of the banks who have seen many customers give up the fight - potentially saving the sector millions of pounds in compensation. It is in their interests to “muddy the waters†but they will clear soon, and the true picture should emerge.
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