Santander Fined 12.4m

Santander Fined £12.4m.

The Financial Conduct Authority (FCA) has fined high street bank Santander £12.4m over bad investment advice.

This is the largest fine given to a bank for such failures.

The FCA said that there is a risk that customers of the bank could have been given bad advice, the bank has since apologised and said that those affected will be contacted and could be eligible for compensation.

Amongst the failings found were:

• No risk assessment taken to identify the amount of investment risk a client was willing to take
• Failure of ensuring newly employed advisers were fully qualified before being allowed to give investment advice
• The poor advice given was not found which is bad monitoring