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News 29 March 2007

OFT put off making a decision yet again

Having said in 2005 that once the credit card default charge issue was sorted out, solving the current account default charges issue would be straightforward, the OFT issued a statement on 29 March 2007 saying that it is all going to take a long time.

The banks must be celebrating as, yet again, their bullying and blackmailing of the OFT has succeeded.

See OFT news release.

The OFT statement says, "it is expected to be completed by the end of the year."

The OFT has never yet met one of its own deadlines for reports in the long running saga of banking crime. I will eat my hat if the OFT make a ruling before the end of 2007 (I will have to buy a hat specially for the occasion if it happens).

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Published and promoted by Bob Egerton, TR2 4RS