Banks charged mortgage holders $55m in extra interest after offset account errors, Asic finds

The Guardian reports that Australia's financial regulator has found systematic failures in how banks manage mortgage offset accounts. According to the Australian Securities and Investment Commission, these errors resulted in overcharging borrowers fifty-five million dollars in extra interest payments over the past two years—affecting hundreds of thousands of customers. The regulator accused banks of 'not getting the basics right,' and warned the reimbursement total is expected to climb higher as remediation efforts continue.

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