Court victory on bank charges

I am impressed by this recent item in the national press:

Oliver Foster-Burnell from Taunton, Somerset, went a few pounds over his £500 limit with Lloyds while he was in between jobs in 2008. 

Within weeks, the 28-year-old received a letter saying for that every day since he had been charged £20 by the bank. 

The fees spiralled to £750 before Mr Foster-Burnell was able to find a way out of his financial mess. 

But, after settling his debts, he took his case to county court where a judge ordered the bank to pay back the fees with interest. 

His victory could pave the way for billions to be returned to customers in similar situations if Mr Foster-Burnell is able to convince a High Court Judge that his case could apply to others. 

First, I am very pleased that Mr Foster-Burnell won his lawsuit.  It is very unfair of the banks to exploit people in genuine poverty.

It is questionable however to what extent his case is relevant to other similar cases, given that it is based on a law which bans companies from changing a contract without an explanation.

The last Labour government bailed out the banks using taxpayers' money.  Is it too much to argue that the government should also protect the general public from exploitation by the banks?

I would like bank charges to be regulated by statute law, and I would also like banks to be required by law to waive bank charges altogether in cases of genuine hardship.

In the meantime, we have to be grateful for small victories.
 

Related previous posts include:

A small victory in Barnet