So the new Supreme Court flexes its muscles, and the banks win on charges. Interesting; some consumers are laughing - it is estimated that hundreds of millions of bank charges were refunded before the test case. Others, who got in later, will rue their timing. There may be a group who didn't incur bank charges, who breathe a sigh of relief: The banks would have found another way to recoup their losses, possibly by monthly charges on accounts.
However, this may still be a possibility - the OFT are considering whether to continue to investigate bank charges. The Treasury are pushing for a voluntary agreement on future bank charges, but don't rule out the possibility of further rules being forced upon the banks. Who can blame them, when the cost of a default may be as little as £2.50 to a bank, yet they charge a customer £25 or more.
One would think that seeing as taxpayers own huge slices of the banks, we could insist on charges that are proportionate and transparent. However, seeing as today's