• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Bank charges 'likely to be ruled unlawful'

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bank charges 'likely to be ruled unlawful'

    From the London Stock Exchange.....

    31st July 2007 16:10

    It is thought that the Office of Fair Trading (OFT) test case into bank charges is set to rule that they are in fact illegal.

    This has been speculated by experts at Hall Advisory Services, stating that there is a strong chance that bank charges will be ruled illegal.

    In this eventuality consumers across the UK will be able to legally request repayment of previous charges, which would be at considerable cost to the banks in question.

    For example, HSBC is reported to have paid £116 million in bank charges over the past six months, according to This Is Money.

    "We're quite confident that the courts will rule in favour of the claims against the banks," commented Tim Wickham, director of Hall Advisory Services.

    "This has been [indicated] by the amount that they've been paying to avoid [a ruling] in the past."

    OFT reports that tens of thousands of complaints over the fairness of bank charges have been received by the county courts and Financial Ombudsman Service.
    Pearls of Wisdom.

    Be true to yourself and be strong.
    Be happy with whatever life has dealt you.
    You can never have too many friends... or too many shoes.

  • #2
    I know this might sound daft, but what is the difference for us, betwean the word "unlawful" as we use now and "illegal" as being stated in the above statement?

    Comment


    • #3
      As far as I'm aware Unlawful relates to civil action, and Illegal relates to criminal action.
      I dont know why the article referes to illegal

      Comment


      • #4
        Maybe a typo error then!!!!! do you think?

        Comment


        • #5
          Could cause some confusion if they persist in using the word illegal, as that does conjure up the image that they have commited a criminal offence, would like to see the wording of that to justify it being illegal.

          Comment

          View our Terms and Conditions

          LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

          If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


          If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
          Working...
          X