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...and it affects me, as a member of the industry concerned, as well as a great deal of other people, from an altogether different side.
Today, the court ruled that the Office of Fair Trading could not use the cost to the consumer as reason to investigate the schedules of charges levied by a conglomerate of banks (and one building society - mine) on accounts breaking their terms and conditions of use. Essentially, they said that bank charges were both legal and not unfair, as they are detailed in the T&C of current accounts that should be read before people sign up to have them. The court has also ruled that there is no right of appeal to this case.
The fallout of this is massive, and has caused backlash from consumer groups countrywide, many of whom will undoubtedly be pushing the OFT to consider other avenues of enquiry, which it has already said it is looking at doing.
In honour of the wave of negativity that will doubtless keep people shouting at me for personally stealing their money for months to come, I present a stand against the stand against bank charges, how I think they are both fair and reasonable, and how they can be legally and reasonably be avoided by anyone with a genuine reason why they shouldn't be penalised.
( Insight lies within, for those willing to dare... )
Today, the court ruled that the Office of Fair Trading could not use the cost to the consumer as reason to investigate the schedules of charges levied by a conglomerate of banks (and one building society - mine) on accounts breaking their terms and conditions of use. Essentially, they said that bank charges were both legal and not unfair, as they are detailed in the T&C of current accounts that should be read before people sign up to have them. The court has also ruled that there is no right of appeal to this case.
The fallout of this is massive, and has caused backlash from consumer groups countrywide, many of whom will undoubtedly be pushing the OFT to consider other avenues of enquiry, which it has already said it is looking at doing.
In honour of the wave of negativity that will doubtless keep people shouting at me for personally stealing their money for months to come, I present a stand against the stand against bank charges, how I think they are both fair and reasonable, and how they can be legally and reasonably be avoided by anyone with a genuine reason why they shouldn't be penalised.
( Insight lies within, for those willing to dare... )
