Mortgage borrowers miss out in offset savings due to bank failures, ASIC finds | ABC NEWS

Millions of Australians use offset accounts to reduce interest costs on their mortgage, but the corporate regulator says some banks are not delivering the savings as promised.

ASIC found Australian banks paid more than $55 million in compensation to customers in just two years for failures with mortgage offset accounts.

The regulator says several banks have begun remediation and it will monitor their fixes, provide individual feedback and consider further regulatory action.

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