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Britain Fines Santander for ‘Failings’ in Its Advice to Clients
By CHAD BRAY

Dan Kitwood/Getty Images
Offices of the Spanish lender Banco Santander in London.e-mail

LONDON – The Financial Conduct Authority of Britain fined the Spanish lender Banco Santander 12.4 million pounds on Wednesday for “serious failings” in the way it offered financial advice to customers.
The regulator said that Santander’s business in Britain failed to ensure that financial advisers fully understood the circumstances of their customers before making investing recommendations. The bank also failed to ensure that new advisers were properly trained, the authority said, and it did not properly monitor whether appropriate advice was given.
“Customers trusted Santander to help them manage their money wisely, but it failed to live up to that responsibility,” said Tracey McDermott, the director of enforcement and financial crime for the agency. “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.”
Santander ceased giving financial advice in its branches after it was contacted in late 2012 by the Financial Services Authority, the Financial Conduct Authority’s predecessor agency. The bank has since overhauled its branch-based investment service.
“We regret that elements of Santander UK’s historic branch-based investment sales processes did not meet the required regulatory standards and apologize to any customers who have concerns,” said Steve Pateman, the head of Santander’s banking operations in Britain. “We expect customer detriment to be low given the performance of the underlying investments and, as the F.C.A. acknowledges, Santander has seen very few complaints from customers.”
The fine, worth about $20.5 million, was reduced by 30 percent after Santander agreed to settle at an early stage of the investigation, the Financial Conduct Authority said.
Santander will contact affected customers and pay redress where necessary. Given the increase in the stock market, losses and compensation will likely be minimal for some customers, the authority said.