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Watchdog drops bank charges action

Dec 22 2009

The Office of Fair Trading has scrapped plans for further action against banks over unauthorised overdraft charges but said it still has "significant concerns" about the personal current account market.

The regulator's decision, which follows a Supreme Court ruling that the issue does not come under its remit, will come as a blow to consumers hoping to claim back the charges.

But the OFT said it still believes "fundamental changes" are needed to ensure the market works in customers' best interests.

It will now discuss a range of options, from voluntary measures to legislative change, with banks and consumer groups.

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