Transparent bank charges 'could be seen in the future'

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Transparent bank charges 'could be seen in the future'

Thu 26th Nov 2009

The decision by the Supreme Court not the abolish bank charges could result in clearer charges for consumers, in the view of one banking expert.

Martin Bamford, chartered financial planner for Informed Choice, said that although the ruling against the Office of Fair Trading (OFT) had come as a surprise to many, the overall outcome could affect the future profitability of financial providers and the relationship they have with their customers.

As a result, he feels that the banks will need to work to make their services clearer to consumers in a bid to avoid any further litigation being brought against them.

Mr Bamford commented after the landmark decision by the Supreme Court that the OFT does not have the jurisdiction to decide if charges made by banks against consumers were fair.

If the court had ruled in the OFT's favour, it could have meant that consumers who had been charged by their bank in the past could have reclaimed their money, meaning potential combined payouts of millions of pounds by the financial institutions.

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