The Financial Conduct Authority (FCA) has fined Santander £12.4m for failings in relation to investment advice. How did the bank go so disastrously wrong? Carmen Reichman looks at the road to ruin.
The regulator found the bank failed to ensure its customers received suitable, fair and not misleading advice in the years leading up to early 2013, when the bank ceased to offer such advice. In relation to its premium investments the bank failed to carry out regular reviews to ensure the investments remained suitable for the clients and that the promised service was actually provided. The breaches were deemed even more serious by the FCA as the bank had already undertaken a string of investigations which had highlighted failings, including internal and external audits, mystery shoppi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
