REP 837 Offsets, out of mind: Banks fall short on mortgage offset account promises
ASIC reviewed 8 banks and found mortgage offset accounts were not reliably delivering the benefits customers were promised. Banks are expected to make sure offset products actually work as marketed.
What it means for business
Consider reconciling offset account marketing claims against actual system behaviour and customer outcomes.
What does this mean for your business?
If this development touches your contracts, compliance or reporting, it may be worth a short conversation. Get in touch through our contact page and a senior lawyer will reply within one business day.
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