Santander eyes investment advice return year after £12m fine

The bank, like most high street lenders, scaled back its investment advice service for the majority of customers when the Retail Distribution Review (RDR) banned commission-based sales, the main remuneration structure for advisers tied to a bank. Around 800 advisers lost their positions at Santander, and the banks main financial advice service now is only available to clients with more than £50,000 to invest - a cut-off point adopted by other banks offering advice and seeking to only deal with wealthy customers. "You get to a point where it is not necessarily about acquiring more cust...