worried that banks will appeal again!!!

thefly76

with the banks appeal being heard at the house of lords today i decided to have a look online at some of the opinions in the broadsheets. to my disgust i have read in the times online the its likely the banks will appeal to the european court thus delaying the repayment of charges for a few more years. is this likely?:mad:

MrLeeLee

From my understanding, I don't think they will be allowed to appeal if the HOL go against them. Not TOTALLY sure about this though!

But you're right, the banks will try just keep dragging this on and on and on, i have just read that the HOL decision might not be made until OCTOBER.

natweststaffmember

thefly76 wrote: »

with the banks appeal being heard at the house of lords today i decided to have a look online at some of the opinions in the broadsheets. to my disgust i have read in the times online the its likely the banks will appeal to the european court thus delaying the repayment of charges for a few more years. is this likely?:mad:

Banks cannot appeal to Europe, the HoL would have to refer it to ECJ. Decision could come July or October(because of summer recess). This is merely the end of part 1 of the OFT test case.

thefly76

end of part 1?????? i was of the under the impression that the house of lords was going to last 3 days and therefor wasnt going to drag on thru the summer. if it was 2 drag on to the autumn what would happen to the fsa hold on reclaiming?

natweststaffmember

thefly76 wrote: »

end of part 1?????? i was of the under the impression that the house of lords was going to last 3 days and therefor wasnt going to drag on thru the summer. if it was 2 drag on to the autumn what would happen to the fsa hold on reclaiming?

the 3 days are the appeal arguments. The law lords will give a decision at a later date. The next stage, if the OFT win, is that they will ask for voluntary compliance. I doubt that will happen so it may well go to further litigation.
There is an argument that banks should refund immediately after this decision being made. Logically, to me, this makes no sense whatsoever as no terms have actually been tested in court merely whether they are assessable for fairness rather than whether they are fair.