On 23 May 2008, the Office of Fair Trading (OFT) announced that, following a case management conference held on 22-23 May 2008, leave to appeal the High Court's ruling that the unfairness rules of the Unfair Terms in Consumer Contract Regulations 1999 (UTCCR) can be applied to assess unarranged overdraft charges in personal current accounts has been granted to the banks who are party to the case. Four of the banks have been refused leave to appeal the High Court's findings that some of their terms are not in plain intelligible language. The OFT is not appealing any of the High Court's findings.
A High Court hearing has been scheduled for 7-9 July 2008 to consider the issue of whether terms of the banks' basic and historic personal current account contracts can also be assessed for fairness under the UTCCR and whether they are capable of being penalties at common law. In the meantime, the OFT is continuing with its investigation into the fairness of the relevant terms in the banks' current terms and conditions. It aims to be able to begin engaging with the banks on its preliminary views on fairness during July 2008.
The OFT expects to publish the findings of its market study into personal current accounts in the UK within the next few weeks. The study is examining the overall competitive dynamics of this market and wider issues relating to the complexity, transparency and structure of bank charges and their impact on competition.
A High Court hearing has been scheduled for 7-9 July 2008 to consider the issue of whether terms of the banks' basic and historic personal current account contracts can also be assessed for fairness under the UTCCR and whether they are capable of being penalties at common law. In the meantime, the OFT is continuing with its investigation into the fairness of the relevant terms in the banks' current terms and conditions. It aims to be able to begin engaging with the banks on its preliminary views on fairness during July 2008.
The OFT expects to publish the findings of its market study into personal current accounts in the UK within the next few weeks. The study is examining the overall competitive dynamics of this market and wider issues relating to the complexity, transparency and structure of bank charges and their impact on competition.
