Update on Overdraft Charges
Update on progress with OFT test case
SUPREME COURT JUDGMENT - UPDATE 25 NOVEMBER 2009
Seven banks, including Abbey, and one building society are engaged in a High Court test case with the Office of Fair Trading ("OFT") to decide the legality of unarranged overdraft charges.
On 25 November 2009 the Supreme Court issued its appeal judgment on the first stage of the test case process.
The Banks are currently considering the implications and further details about the judgment will be published shortly.
As previously agreed with the Financial Ombudsman Service and the FSA, customer complaints relating to unarranged overdraft charges will currently remain on hold. The Banks will continue to ask County and Sheriff Courts to keep cases relating to unarranged overdraft charges on hold until the test case process is concluded.
Please continue to refer to our website for further information. We will continue to post updates to keep customers informed of progress.