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Yorkshire Building Society to refund £8.4 million


The Yorkshire Building Society will refund a total of £8.4 million to nearly 34,000 of its customers after an investigation by the Financial Conduct Authority (FCA) ruled that the building societies procedures were not thorough enough, as thousands of customers were wrongly charged for missing their mortgage repayments.

Under current regulations, a company can only charge its customers who are in arrears by two months or more. However, thousands of Yorkshire, Chelsea and Barnsley Building Society customers were charged as soon as they missed a payment.

To reduce any delays in customers receiving their refund, the building society has announced all borrowers who were charged late fees since January 2009 will receive a refund, rather than just those who were charged incorrectly. As a result, Yorkshire Building Society has announced that they will refund an average of £247 to a total of 33,900 customers.

Clive Adamson, director of supervision at the FCA was quoted as saying: "This is a very important reminder that firms must take responsibility for any wrongdoing and make sure their customers get a fair deal."

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