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Higher cost of compensation for lenders post N2

Lenders failing to correctly calculate borrowers’ mortgage repayments will have to pay substantially higher compensation costs under Financial Ombudsman Service rules after N2.

In a feedback statement issued last week, the FOS dismissed lenders’ fears over the increased costs which could arise from not taking into account any past savings borrowers may have when calculating compensation.

It said lenders should concentrate on improving their systems, minimising the number of cases where they quote the wrong figure and audit repayments themselves.

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