View the article online at http://citywire.co.uk/wealth-manager/article/a742965
FCA fines Santander £12.4 million for five major advice failings
by Dylan Lobo on Mar 26, 2014 at 09:24
* failed to make sure new advisers were properly trained before being allowed to give investment advice; and
* failed to properly monitor the quality of investment advice which meant that, where poor advice was given, it was not always picked up.
Santander UK agreed to settle at an early stage of the investigation so its fine was reduced by 30%, preventing it from having to pay a higher penalty of £17.68 million.
Tracey McDermott, director of enforcement and financial crime, said 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. Santander let its customers down badly.'
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.
More about this:
On the road
on Jul 31, 2014 at 10:36