Bank charges case only the first step

The OFT win against the banks on the charges issue is only the first step. A further court hearing is scheduled for 22 May and the banks are expected to appeal if they lose.

Vince Cable says:

In case after case brought against the banks by angry customers, they have been unable to show that their penalty charges bear any relationship to the costs they incur. The massive penalty charges imposed are yet another example of the major banks taking consumers for a ride.

The people hit by these charges are often those least able to afford them. Many overstretched families have found their own banks pushing them further into debt. The banks can receive unrivalled guarantees and support from taxpayers when things go wrong, but continue to make huge profits at the expense of their customers."