FCA fines Santander UK £12.4m over flawed investment advice

clock

Santander UK has agreed to pay redress to affected customers after the Financial Conduct Authority (FCA) fined the bank £12.4m for what it said were "widespread" investment advice failings.

It follows a 13-month probe by the regulator which began after concerns about the bank's investment advice emerged during a mystery shopping exercise. Among its findings were that Santander's advisers were not "fully getting to grips" with customers' personal circumstances, or their attitudes to risk, before making a recommendation. New advisers were also not adequately trained, the FCA said. According to the regulator, Santander failed to ensure that customers investing were given clear and not misleading information about its products and services. For Santander's Premium Investm...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Kevin Bailey and James Sullivan also unpack what value looks like

Professional Adviser
clock 04 July 2025 • 1 min read
Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Considered prescribing how firms should support ‘vulnerable consumers’

Isabel Baxter
clock 30 June 2025 • 2 min read
Targeted support: 38,000 current advice users expected to switch

Targeted support: 38,000 current advice users expected to switch

Firms could generate up to £499 in revenue per customer

Isabel Baxter
clock 30 June 2025 • 4 min read