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22 February 2008

Banks' full year results show bank charges refunds may be 900 million

As we wait for the decision in the OFT/Banks test case, two of Britain's high street banks (Barclays and Lloyds) show the extent to which the banks were repaying penalty bank charges in 2007. Ian Pollock, correspondent for the BBC, now estimates that, in total, the banks may have repaid 900 million last year.

This provides further confirmation that the banks' motivation to agree to the test case was to try to stem the increasing cost of the claims made against them.

See story on BBC website.

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Published and promoted by Bob Egerton, TR2 4RS