Santander, Others Face UK Probe Over Investment Advice

Law360, New York (February 13, 2013, 1:43 PM EST) -- Banco Santander SA's U.K. arm confirmed Wednesday that it was one of six British banks probed by British regulators over the quality of investment advice given to prospective customers, an investigation that found a significant portion of customers received poor or incomplete advice from bank investment advisers.

The U.K. Financial Services Authority on Wednesday released the results of a so-called mystery shopping review, where FSA researchers posed as customers looking to invest lump-sums of money with a bank to gauge the quality of the bank's investment...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.