Today, 24th April 2008 while Directors from SAFE were asking question at Barclays AGM Mr Justice Andrew Smith handed down his ruling on the on-going saga of Bank Charges and overcharging.

The ruling gives the Office of Fair Trade ( OFT ) the power to reduce bank charges and rule when they are too high.

Stephen Hone was the first person to discover with SAFE that what the Banks are doing to the consumer is illegal regarding bank charges. A joint meeting between Stephen and Elaine Williams, (a Director of SAFE), at the OFT initiated the battle on excessive Bank Charges and has been going on since 2005.

The OFT dragged out a decision, so SAFE held a Demonstration at the offices of the OFT with Stephen and the consumer Action group.

Finally the OFT took the matter to Court which has led to today’s landmark ruling, undoubtedly the Banks will challenge this which will again delay the thousands of unresolved claims on hold around the country.

Related Links:

http://www.judiciary.gov.uk/docs/judgments_guidance/oft_judgment_240408.pdf

www.penaltycharges.co.uk