Knockout

摘要

Since July 2007 complaints from 1.2m bank customers about unfair charges on their unauthorised overdrafts have been gathering dust while learned counsel fought an action through the courts. In the red corner, the Office of Fair Trading (OFT) asserted the right to assess the fairness of overdraft charges according to whether they vastly exceeded the economic cost to the bank. In the blue comer were eight lenders (some of which have since merged) arguing that the charges were clearly set out in contracts voluntarily entered into by current-account holders. Two lower courts had ruled in favour of the oft. On November 25th the Supreme Court gave its judgment in the matter and-against most expectations-found for the banks.