AUSTRALIA’S finance industry watchdog has a timely warning for customers to check mortgage statements after more than 1,000 customers were overcharged in a single bank.
The Australian Securities and Investments Commission (ASIC), which is the country’s corporate, markets and financial services regulator, said a single customer complaint has uncovered a broader systemic issue at the bank in question.
That saw Tasmanian bank MyState refund more than $230,000 in overcharged fees and interest to 1,040 of its customers with mortgage offset accounts.
ASIC deputy chair Peter Kell said banks needed to ensure that their products delivered the benefits that they promoted.
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