Campaigners set up 'fighting fund' over current account charges

Customers challenging their bank over contested current account charges could benefit from a £100,000 legal "fighting fund" set up in trust by the consumer champion groups consumeractiongroup.co.uk and moneysavingexpert.com, plus a handful of private individuals.

The money will be released when "suitable opportunities" arise for a customer to embark on a "precedent case" in court.

The announcement follows two recent victories for banks, where a judge decided against the customers and said the financial institutions were right to defend their charges.

However, hundreds of thousands of individuals continue to take on their banks in a bid to reclaim penalty charges.