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Originally Posted by Chrysalis
mr angry any comment on this? thanks.
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I think we're nearing the point where they might have to. the OFT investigated the charges and gave them a timeframe to reduce the charges to an acceptable (legal) level. Not all of the eight involved have done so. The main concern the OFT is facing is that if they impose fines the banks will be out billions.
The banks are then very likely to abolish things like free banking and free balance transfers and increase loan interest rates etc to recoup the losses. Obviously this will impact on the poorer people in society so the OFT, for the time being, are happy to see thousands of people (out of many millions of customers admittedly) reclaim their charges under common law where the issue is already a proven.