I have to say I'm disappointed.

The government today replied to a petition which had been posted posted at petitions.pm.gov.uk regarding bank penalty charges and asking for legislation which outlawed unfair charges for unauthorised overdrafts.

Basically the reply to the petition was to say that 'the law is unclear' and that the government would be relying on the OFT's investigation.

I find this remarkable. The Labour Party has found it possible to install all manner of insane legislation in favour of one thing or the other, but doesn't seem to realise that as the government in power they have the power to create legislation dealing with issues raised by its constituents.

Ok, its been widely reported that Lloyds TSB won a case about their penalty charges yesterday. If you haven't read it, the story is here on the BBC

The important thing to remember here is that this case has no bearing on most of the cases you guys will be raising - providing you follow the guides.

The person who instigated this case didn't follow any of the guides you can find on the internet which help you claim your penalty charges back. Thats the first point. He made it up as he went along, he used the wrong terminology (illegal rather than unlawful, which is a fine distinction, but a distinction at law nonetheless) and there were some strange circumstances taking place which made sure the case got to court.

As some of you probably know, most of these cases make it to within a day or two of the court date and are settled in full.

A fast update to what has been happening with my foray into recovering funds from HSBC and their nefarious penalty charges system.

Two weeks ago tomorrow I posted a letter to HSBC telling them that unless they refunded me the charges they had taken from me since I started banking with them within fourteen days, I would be pursuing legal action to recover the funds.

That time runs out tomorrow and so on Friday (the first time I have available) I will be going into the County Courts at Newcastle Upon Tyne to commence my action.

The amount I am looking for is relatively paltry, only £701, but true to published form, HSBC are deciding to play hardball. I received a letter from them last friday - ten days after I had sent mine - asking me to leave the issue with them and they would get back to me.

I don't think so.

So here we are at the beginning of the various banks profit reporting season. Are we all excited? Trembling with anticipation to hear about the obscene amounts of money the banks are skimming from their customers?

I am.

I like to see businesses making an honest profit. Businesses making a healthy profit generally means that the economy is healthy, that people are contented and that everybody is getting along with each other the way they should be.

Does that sound like the world we live in? Of course not.

Yesterday, Barclays (one of the banks I hold an account with) posted profits of about 7 BILLION pounds sterling for last year. HSBC (the bank I wish I didn't have an account at) is expected to post profits of over TWELVE BILLION pounds sterling next week.

In total, UK banks are expected to announce profits of over 40 billion pounds sterling within the next few weeks.