Update 21.7.08
The FSA has today confirmed its continuation of the waiver arrangements for a further six month period to facilitate the test case process. Abbey will continue to work closely with the OFT and the Court to bring a conclusion to the test case process as soon as possible.
In view of this, customer complaints relating to unarranged overdraft fees will currently remain on hold. The Banks will continue to ask County and Sheriff Courts to keep claims relating to unarranged overdraft fees on hold until the test case process is concluded. It is not yet clear when this will be but the Banks are keen that all outstanding issues should be resolved as quickly as possible.
Please continue to refer to our website for further information. We will continue to post updates to keep customers informed of progress on the test case.
Update 7.7.08
With all the main features of the Abbey Bank Account, plus an interest-free overdraft, our student, graduates and postgraduates bank accounts offer all the financial support you need while you are at university, and help you reduce your debt once you’ve graduated.
A Court hearing is scheduled to take place on 7th, 8th and 9th July when the Court will be asked to consider whether terms and conditions previously used by the banks are capable of being penalties. The Court will also be asked to decide whether terms and conditions previously used by the banks are assessable for fairness under the Unfair Terms in Consumer Contract Regulations 1999 (“UTCCRs”).
The Court will give its Judgment some time after the Court hearing although it is not possible to confirm when this will be. We will update you about what is decided and confirm the dates of any future hearings as soon as possible.
As previously agreed with the Financial Ombudsman Service and the FSA, customer complaints relating to unarranged overdraft fees will currently remain on hold. The Banks will continue to ask County and Sheriff Courts to keep claims relating to unarranged overdraft fees on hold until the test case process is concluded. It is not yet clear when this will be but the Banks are keen that all outstanding issues should be resolved as quickly as possible.
Please continue to refer to our website for further information. We will continue to post updates to keep customers informed of progress on the test case.