- Thursday, 26 November 2009A large number of financially insecure Britons will have been disappointed by the recent Supreme Court ruling on the legality of bank charges, but the decision in favour of the banks could help the consumer in the long run.
It has been suggested by Informed Choice (IC) that had the decision gone the other way, the relationship between retail banks and their customers could have deteriorated.
Such an occurrence could have had far more serious financial implications than the short-term frustration of not receiving bank charge repayments, as is currently the case. Fewer people may require debt help in the long run as a result.
Martin Bamford, chartered financial planner at IC, said: "A verdict ruling against the banks could have had big consequences in terms of their financial strength, future profitability and also the relationship we all have with banking services."
It is estimated that had the Supreme Court voted in favour of the consumer, a total of £20 billion could have been reclaimed.
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