Commenting on the shock decision, director at FairInvestment.co.uk James Caldwell said:

“This latest news is just another delaying tactic by the banks, the test case has been going on for long enough now, and we are surprised that this decision has been made by the House of Lords.”

While Bradley Askew, managing director at partner and specialist claims company Claims Financial, said: “We have every confidence that the House of Lords will find for the consumer, albeit we are surprised because three Court of Appeal Justices unanimously agreed that there were no reasonable prospects of overturning their decision and that such an appeal would not be in the public interest.

“We continue to encourage consumers to lodge their bank charges complaints, and remain confident that the House of Lords will do the right thing.”