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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.'

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3 comments so far. Why not have your say?

Mark Berezicki

Mar 26, 2014 at 10:06

Maybe Jessica Ennis could do a new ad where she extols the virtues of a bank that provides suitable advice?

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Alex Morrison WM

Mar 26, 2014 at 13:42

"Premium" customers were charged a fee for regular reviews well before RDR was even dreamed up. Yet they still got little or no service. Some of them never saw an adviser from one year to the next despite being told they would.

I'll place a bet that Jess Ennis won't give a monkeys about this as she's at least getting paid!

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Pagan Rites

Mar 26, 2014 at 14:28

Possibly coincidencental but when Barclays Wealth Advisory was on the way out and certainly upon its demise, many jumped ship and were taken on by Santander - given Barclays sizeable fines for irregularities, would this be a case of same **** different bin? Just a thought.

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