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The OFT announced today that, as a result of the Supreme Court’s ruling in the bank charges litigation at the end of November, it is dropping its investigation into the the fairness of overdraft charges and other banking fees. The story isn’t over, because the OFT is now shifting its focus on addressing the issue via voluntary action and legislation. However, the announcement will be a huge (though not unexpected) disappointment to the OFT, the consumer actions groups who have supported the OFT’s investigation, and the tens of thousands of individual customers individually in court cases with banks over fees. See our previous coverage of the bank charges litigation here and here.
