Britons have been dealt a “bitter blow” by the Supreme Court’s ruling in favour of the banks as the court case between the financial sector and the Office of Fair Trading came to an end yesterday.
Chief executive of consumer watchdog Which? Peter Vicary-Smith voiced this opinion, stating that it will be difficult news for the millions who have been waiting to retrieve their bank charges.
This suggests that those in debt, who may have been relying on a payout as a result of this case, could find themselves struggling further, a fact recently supported by research from the company.
Its study showed that 41 per cent of those polled said they would use refunded cash to pay off debts and bills.
Observing that the Supreme Court’s adjudication paves the way for financial institutions to demand uncapped charges for unauthorised overdrafts, Mr Vicary-Smith remarked that this decision may also have repercussions in other areas.
“The banks now have no excuse for introducing other fee charges,” he said.
By Sarah Adie