OFT to Study Current Accounts The Office of Fair Trading (OFT) has launched a market study into personal current accounts, forms part of the in-depth study into retail bank pricing announced by the OFT in March 2006, will consider wider questions about competition and price transparency in the provision of personal current accounts 30.04.07 Law Now, Bank Penalty Charges, Competition Law

OFT Challenge to Free Banking OFT has today launched a market study into personal bank current account pricing, alongside a formal investigation into the fairness of charges for unauthorised overdrafts and returned items, will help OFT consider the current level and incidence of the charges in the broader context of efficiency, transparency, value 26.04.07 BBC, OFT Press Release, Bank Penalty Charges, Competition Law, Consumer Rights, Financial Services

Consumer Credit Act In Force The 2006 Consumer Credit Act came into force on April 6, gives consumers rights to take complaints about lenders to the Financial Ombudsman Service (FOS) and challenge unfair credit agreements in court 10.04.07 DTI Press Release, Consumer Credit, Consumer Rights, Financial Services, Unfair Contracts

OFT to Study Bank Charges The Office of Fair Trading (OFT) has announced an in-depth study of retail bank pricing, comes in response to concerns over current account charges and follows an initial review by the OFT of this area, study will sit alongside a formal investigation into the fairness of current account charges 03.04.07 Law Now, Bank Penalty Charges, Competition Law

EU Says Bank Competiton Is Poor On 31 January 2007, the European Commission gave its verdict that there are major competition barriers in retail banking in the EU, intends to respond with separate investigations into particular cases 05.02.07 Law Now, Competition Law, EU Competition, Financial Services

Extending Directive on Financial Collateral The Directive on financial collateral arrangements might be extended to include credit claims as eligible collateral, Commission report on the Directive, which applies to cash and financial instruments (securities), concludes it is working well 14.01.07 Law Now, EU Law, Financial Services

Selling Assets Secured by Charge Court has allowed local authority to sell PFI asset despite bank claim that it has a charge on the asset for a loan, still to determine whether charge will continue once asset sold 03.10.06 Law Now, PFI - PPP

Worldwide Freezing Orders In a case that will be of interest to international banks who are served with a worldwide freezing order (WFO) in a non-UK office or to any bank seeking a WFO on their own account, the court has set out guidelines on how it would exercise its discretion to grant permission to a claimant 25.06.06 Law Now, Financial Services

Lending Rights Case shows delicacy required in dealing with claims by customers who blame bank for over-borrowing, a settlement of various claims was agreed, subsequently customer attempted to claim damages, alleging she had been induced to settle by misrepresentation 24.05.06 Law Now, Consumer Credit, Consumer Rights

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Court Rejects Penalty Charge Claim Judge Cook at Birmingham County Court has dismissed claim against Lloyds TSB for repayment of penalty charges, Kevin Berwick failed to show charges were not cost of providing service 16.05.07 Guardian, Bank Penalty Charges, Consumer Rights, Financial Services

RBS Moves in as ABN Loses in Ct RBS CEO Sir Fred Goodwin is to meet ABN Amro chair Arthur Martinez today to propose terms of a takeover, Dutch ct yesterday rejected sale of US unit LaSalle as condition of agreed deal with Barclays 04.05.07 Telegraph, Capital Markets

Costs Awarded in Penalty Charge Case Judge Andrew Kearney has ordered Lloyds TSB to pay £85 costs to Vivien Lloyd, bank dithered for nearly a year over claim for £665 in penalty charges, Kearney agreed delays were 'waste of time' 30.04.07 BBC, Bank Penalty Charges, Costs

Record Payout for Bank Charges NatWest has paid £36k to Norfolk businessman whose firm 'grew too quickly', racked up penalty charges at rate of £250 a week, bank paid out a week before case management meeting where it would have been challenged to reveal actual cost of bouncing cheques and direct debits 18.04.07 Guardian, Bank Penalty Charges

First Case to Test Penalty Charges Lawyer Tom Brennan is bringing a court case against NatWest for hundreds of pounds in penalty charges racked up when he was a student, believed to be first case to go to hearing 12.04.07 Reuters, Bank Penalty Charges, Consumer Credit, Consumer Rights

Bailiffs Pursue Penalty Charge Repayment Bailiffs called on the Halifax yesterday to collect repayment of £1900 in illegal penalty charges, banks says the court order was rescinded 05.04.07 Bank Penalty Charges, Consumer Credit, Consumer Rights, Debt Collection

A&L to Pay for Closing Account Financial Ombudsman is making Alliance & Leicester pay compensation to customer, closed account in retaliation for claim on bank penalty charges 07.02.07 Telegraph, Bank Penalty Charges

Manager of Year Donald MacKenzie was RBS manager of the year three times, yesterday convicted of defrauding the bank of £21m through maze of hundreds of false accounts 07.06.06 Times, Fraud

Bank Charges Brian Mullen has obtained warrant of execution on judgment against Lloyds TSB for bank charges, argued penalties illegal as went beyond recovering costs, plans to send bailiffs into Reddish branch 17.03.06 Times, www.bankchargeshell.co.uk, Consumer Credit, Debt Collection, Unfair Contracts

Bank Charges High Ct to be asked today for 'declaration' that penalty charges imposed by banks are illegal, should not be more than needed to cover cost of service 20.02.06 Guardian, Consumer Rights, Financial Services