HSBC is expecting to pay back $367m (£218m) of interest payments to some UK customers owing to mistakes in paperwork for personal loans.

The bank has admitted to failing to include information in annual statements relating to the option for customers to make overpayments. This is required in the UK under the Consumer Credit Act. The bank outlined the provision in its results for the first half of 2014, but suggested no customers had lost out. A spokesman for the bank said there had been "no financial detriment" suffered by customers as a result of the error.

Omission

Under the rules, banks must explain to loan customers that they can make overpayments or partial overpayments on top of their regular repayments......Read more here