On 26 March 2014, the FCA published a final notice against Santander UK under which the bank was fined £12,377,800 for investment advice failings. The FCA found that Santander UK had failed to (i) ensure that it was giving suitable advice to customers; (ii) monitor the quality of investment advice given; and (iii) ensure that new advisers were properly trained before being allowed to give investment advice. In addition to the fine, Santander UK is expected to pay compensation to affected customers.
The FCA press release and final notice are available at: http://www.fca.org.uk/news/press-releases/santander-uk-investment-fine .
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