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Wednesday, August 01, 2007

Get Out of Jail Card

Congratulations to the Financial services Authority (FSA) for showing its true colours the other day, when it came down firmly in favour of the banks rather than the public in the ongoing row over excess bank charges.

The FSA has ruled that banks will not have to make any more refunds to disgruntled customers, re excess charges, until the court case initiated by the Office of Fair Trading (OFT) is heard next year.

The OFT is taking high street banks to court over the excess bank charges.

Commercial Court judge Mr Justice David Steel has ruled that the trial will take place on a date to be agreed, between January and the end of February 2008.

It is estimated that bank customers have been stung with over £1BN in overdraft charges so far this year.

Well done the FSA for the giving the banks a free "get out of jail card".

Cab anyone remind me as to whom the FSA is meant to work for again?

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