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26/03/2014
Santander UK Fined £12.4m By FCA
High Street bank Santander UK has been punished by the UK financial watchdog over failures in investment advice to British consumers in its branches with £12.4m, one of the biggest fines levied on a bank for such faults.
The Financial Conduct Authority (FCA) punished the bank after a 13-month-long investigation was carried out.
Santander UK Plc has been fined £12,377,800 by the Financial Conduct Authority (FCA) after the regulator uncovered serious failings in the way it offered financial advice from its bank.
In particular, there was a significant risk of Santander UK giving unsuitable advice to its customers, its approach to considering investors’ risk appetites was inadequate, and for some people it failed to regularly check that investments continued to meet their needs - despite promising to do so.
Tracey McDermott, director of enforcement and financial crime, said: "Customers trusted Santander to help them manage their money wisely, but it failed to live up to that responsibility. If trust in financial services is going to be restored, which it must be, then customers need to be confident that those advising them understand, and are driven by, what they need. Santander let its customers down badly."
In agreement with the FCA, Santander will now contact all affected customers and, for any sales that were sub-standard, redress will be paid where due.
Affected customers do not need to do anything as Santander UK will be contacting anybody involved.
(CVS/CD)
The Financial Conduct Authority (FCA) punished the bank after a 13-month-long investigation was carried out.
Santander UK Plc has been fined £12,377,800 by the Financial Conduct Authority (FCA) after the regulator uncovered serious failings in the way it offered financial advice from its bank.
In particular, there was a significant risk of Santander UK giving unsuitable advice to its customers, its approach to considering investors’ risk appetites was inadequate, and for some people it failed to regularly check that investments continued to meet their needs - despite promising to do so.
Tracey McDermott, director of enforcement and financial crime, said: "Customers trusted Santander to help them manage their money wisely, but it failed to live up to that responsibility. If trust in financial services is going to be restored, which it must be, then customers need to be confident that those advising them understand, and are driven by, what they need. Santander let its customers down badly."
In agreement with the FCA, Santander will now contact all affected customers and, for any sales that were sub-standard, redress will be paid where due.
Affected customers do not need to do anything as Santander UK will be contacting anybody involved.
(CVS/CD)
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