Office of Fair Trading bank charges

How does the Office of Fair Trading bank charges decision affect me?

Banks which levied unfair charges were at one point under investigation by the Office of Fair Trading, which sided with consumers attempting to get refunds for overdraft-related fees.

However, in November 2009, the Supreme Court ruled that the Office of Fair Trading had no authority to determine whether these fees were reasonable. As a result, it is now very difficult for customers to get refunds for overdraft-related bank charges.

However, the ruling against the Office of Fair Trading applies only to overdraft fees, meaning that other bank charges, such as credit card fees, may still be reclaimed if they are deemed to be unfair.

One particular arena, in which we personally specialise, where people are still often able to claim vast sums of compensation, is that of mis-sold PPI claims.

Millions of people have been affected by mis-sold PPI, often offered inappropriately alongside all types of loans. If you have taken a loan you could have been a victim and may be owed thousands.

Claims Financial are experts at securing refunds of mis-sold PPI for our customers, and have won millions of pounds in compensation on their behalf.