Black Wednesday coming for banks as charges decision looms
It’s been a long time coming, but the drawn-out bank charges debacle could finally come to an end next Wednesday (November 25th). That’s the date that’s been set for the Supreme Court decision as to whether the OFT has the right to assess whether or not bank charges are fair.
The decision is expected to find in the OFT’s favour and lead to an investigation that should take… ooh, all of five fucking minutes to ascertain that no, they’re not fair. Not in the eyes of the law anyway.
Assuming that the arrogance of the banks won’t stretch to taking the fight to the European courts, the decision should open the floodgates and see millions, billions and possibly even a whole gazillion pounds returned to customers from financial institutions who didn’t bother to check with the lawyers before they escalated bank charges into a major revenue stream for themselves.
It is believed that 1.1 million customers have claims that have been put on hold during the two-year court case, and there’ll be many more who’ll be looking to get back what is lawfully theirs over the coming months, should the banks call it quits after the Supreme Court’s inevitable judgement.