Santander Fined for Holding Will Money Back

Published / Last Updated on 19/10/2018

The Financial Conduct Authority (FCA) has fined Santander £32.8 million for taking too long in transferring funds to the beneficiaries of Wills after probate.  More than £183 million was held back from 40,428 customers.

Beneficiaries have had to wait, in some cases for years, for estates to be distributed as Santander took too long to deal with its problems when involved in the bereavement and probate process as well as being exceptionally slow in finally transferring inherited funds.

Santander has corrected its errors with new processes/systems and has transferred funds with interest as compensation to the affected beneficiaries.

Mark Steward, Executive Director of Enforcement at the FCA, said: “Santander took too long to notice any faults and too long to then remedy those faults ……other firms need to know that the FCA will be keeping an eye on poor systems and will take action to protect consumers”.

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