Test case decision imminent
The major banks face paying back £20bn worth of unfair bank
charges to their customers, says the Money Mail.
The banks are expected to foot the massive bill if the Supreme
Court rejects their appeal in the ongoing test case.
The Supreme Court's decision on whether the OFT can assess bank
charges on fairness is expected any day now and things are looking
bleak for the banks who have already seen several appeals rejected
by the UK courts.
The banks have so far refused to disclose how much they would
have to refund to their customers if they lose the case. But using
inside industry data the Money Mail has calculated it to be close
to £20bn - or £450 per customer.
Tony Hazell, of the Daily Mail, said: "The implications are
stunning. This could seriously strain the finances of some of the
biggest semi-nationalised banks."
Over £1bn was refunded to customers before the test case began
and the reclaiming of bank charges was suspended. It is estimated
that there are now over 1m claims currently on hold.
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