Quote:
Originally Posted by Chrysalis
I was going to ask you did the OFT explain why they refusing to enforce the law but it seems you did already try.
I take it this means now someone has finally gone to court and of course won? Before I heard the banks were just avoiding court.
It seems every regulator including the OFT will only regulate up to a limit and their main remit is to not disrupt large commercial profits, which isnt surprising the very people who set these regulators up wont want a economy problem.  |
It's a technical win by "default" (oh, the irony). What is interesting is that RBS didn't even come forward with threats of an appeal - Abbey did this in 2005 and I don't think they ever did appeal.
Lots of people have gone to court and won. The issue is that not one bank, card issuer or credit company has appeared in order to defend their charges and therefore the courts award the claimants a default win for their non appearance.
It's a matter of economics for the banks. For every customer who claims a refund there are still many thousands who don't. They'd rather milk the ignorant masses than explain their cost structures in court and lose the banking federations billions - not just annually, but on retrospective claims.