OFT drops charges case against banks

The move follows last month's Supreme Court ruling stating the OFT could not challenge the fairness of bank charges using the unfair contract regulations. However, the OFT says "significant concerns" remain over the way banks operate current accounts, the BBC reports. More than a million refund claims which have been awaiting closure since July 2007 are now likely to be rejected. Despite the u-turn the regulator says "fundamental change" is still needed in the interests of customers. It says: "The OFT has concluded that any investigation it were to continue into the fairness of ...