In recent months, many consumers in the UK have been pushed closer to debt management disaster as a result of bank charges they deem to be unfair and have subsequently entered legal battles over the issue.
And with several cases now coming before courts across the country, the judge has insisted that there should be a definitive ruling, making clear whether particular bank charges are legal or not.
“Each judge is entitled to make up his or her own mind based on the evidence and the law put before them and to make a decision without feeling bound by any precedent, because there isn’t one,” he told BBC Radio Four’s Today programme.
“If cases are to go on, then clearly we need the decision of a higher court that can give guidance to us all,” he added.
Figures from uSwitch.com recently showed that banks have cashed in to the tune of around £52 million in recent weeks through added overdraft charges.