moneysupermarket.com: OFT taking banks to the High Court

Commenting on the OFT taking banks to the High Court, Kevin Mountford, head of current accounts at moneysupermarket.com, said: “Although we have seen district judges making decisions in favour of the banks, a precedent is yet to be set. By going to the High Court, the OFT is seeking to bring this farcical situation to a head – if not a full conclusion.

“Obviously the OFT is confident in the merits of its case, but there is no guarantee the Court will rule in favour of consumers. The Court will need to consider whether the charges levied by banks are both legal and appropriate.

“This move will also influence the result of the OFT review of overdraft charges – perhaps unfavourably for consumers if it were to lose this case.

“I don’t envy the tricky balancing act that banks will have to pull off in the future. They do not look after our cash as an act of charity and have to preserve a certain level of profits, but charges should be fair and transparent.”