A top banking barrister, Ray Cox QC has this week been
instructed on behalf of consumers to launch the biggest rescue
operation in the history of consumer rights. If successful,
millions of consumers may yet get their refund of bank charges.
The banks made alot of noise for once concerning their victory
in the Supreme Court in which it was decided that the OFT (Office
of Fair Trading) could not decide whether the charges were fair or
not. Had it been told it could, it would have told the banks
to refund billions.
Interestingly, the judgment was very narrow. Whilst it was
decided that under 'clause 6' the fees were part of the price for
the service, i.e having a bank account, the Surpeme Court Justice
said that it was possible that the action would have had a
different outcome if the claim were made under 'clause 5'- which
concerns inequality of bargaining power. See Latest anaylsis for
the Legal Bit.
Solicitor Mike Dailly of Govan Law Centre says: "We're delighted
to be working with MoneySavingExpert.com on what is perhaps one of
the biggest rescue operations in recent UK consumer history.
"Rumours of the demise of the unfair bank charges campaign have
been greatly exaggerated by the banks. The Supreme Court gave a
very clear message that bank charges could still be unfair
under Regulation 5, and so a brand new right to reclaim will
shortly be available to consumers on the authority of no less than
the Supreme Court itself."
Watch this space and if in doubt lodge your claim NOW.- No Win, No
Fee
Claims Financial
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