The legal climate
In addition to the OFT case, solicitor Tom Brennan is attempting to establish a legal precedent for punitive damages being awarded against a bank.
Mr Brennan argues that the level of fees imposed represents an "intentional infliction of harm by unlawful means" as it has the potential to leave a consumer without access to the money required for essential purchases such as food.
A court ruling given by Judge Peter Simpson on Monday, July 30th dismissed the claim as having "no prospect of success and no other reasons why this should go to trial".
The story may not end yet, however, as Mr Brennan immediately announced his intention to appeal the decision in the High Court.
If he were to succeed, a legal precedent would be set for damages to be awarded in excess of the sum taken as fees, whereas many settlements agreed to by the banks have refunded the fees with no additional payment.
Meanwhile, the OFT case is likely to set the legal basis by which many future claims are handled.
The FOS informs claimants that if they have already received an offer, they must choose whether to accept it - with no option of reopening the matter following the test case - or reject it and have their case reviewed following the High Court ruling.
What happens next?
It is unclear what the outcome of the OFT case will be, although it has been suggested that the High Court could rule in favour of consumers.
Hall Advisory Services' director Tim Wickham predicts: "If the claimants did win then bank charges would be beaten, it would be ruled that they're illegal and everyone would be entitled to refunds."
But he adds that this could take some time and impact negatively on consumers before an eventual outcome is reached.
"Because it's in the public interest, the interest should be on solving this as quickly as possible. My view is that it won't be - I think it could well drag on to appeals and we could well see years of this," Mr Wickham adds.
Meanwhile, the FSA waiver means financial services providers and the FOS are under no obligation to consider claims and individuals who reject offers currently on the table could find they have to wait a long time for a revised offer.
While the FSA claims the waiver is to be withdrawn if the test case lasts for a significant period of time, Mr Wickham notes that the earliest point at which this could occur is likely to be July 2008.
