HSBC has refunded cheques worth a total of £350m to thousands of customers as compensation for failing to adhere to banking rules.

The bank failed to remind customers of their right to partially repay their debt early, which is a breach of banking rules.

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The blunder came in the wording on documentation sent out with loans taken out by customers between October 2010 and July 2014.

The lender said that the glitch was detected during an internal check last year. However, it felt that the problem did not lead to economic loss of any customer.

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