Santander UK To Pay $20.5M For Shoddy Investment Advice

Law360, New York (March 26, 2014, 11:34 AM EDT) -- British financial regulators on Wednesday fined the U.K. unit of Banco Santander SA £12.4 million ($20.5 million) for widespread problems with the financial advice provided to customers as part of its broader crackdown on consumer lending problems.

The U.K. Financial Conduct Authority said Santander failed to prevent its investment advisers working in branches in many cases from providing customers with recommendations that met their risk profiles and from giving those customers misleading information. Overall, the FCA found that there was a “significant risk” that Santander UK...
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