What does the OFT’s announcement mean?
A. The Office of Fair Trading has announced it has agreed to a test case with seven of the major UK banks and one building society to decide the principles of reclaiming bank charges in the High Court. This doesn’t mean any individuals are actually going to court; the OFT is using its powers to have a case heard on legal principle. This should decide whether bank charges for unauthorised overdrafts (which includes unpaid cheques and direct debits) are lawful or not. The banks that will be a party to the case are: Abbey National plc, Barclays Bank plc, Clydesdale Bank plc, HBOS plc (includes Halifax and Bank of Scotland) , HSBC Bank plc, Lloyds TSB Bank plc, Royal Bank of Scotland Group plc (includes Natwest) and Nationwide Building Society.
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