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article imageUK watchdog fines Santander bank over mis-advice

By AFP     Mar 26, 2014 in Business

A British financial watchdog on Wednesday said it had fined Spanish banking giant Santander almost £12.4 million for mis-advising customers.

The Financial Conduct Authority said it had fined Santander, the eurozone's biggest lender which has branches in Britain, the equivalent of $20.5 million or 14.9 million euros, "for widespread investment advice failings."

Tracey McDermott, director of enforcement and financial crime at the FCA, said Santander had "let its customers down badly".

She added in a statement: "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."

Steve Pateman, head of banking at Santander UK, said the lender regretted that "investment sales processes did not meet the required regulatory standards".

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