Santander makes £43m provision for investment advice claims

The bank confirmed it had made the provision in its third quarter results, published on 29 October. The results also showed a 40% increase in pre-tax profits year on year to £1.4bn. Santander scaled back its investment advice service for the majority of customers when the Retail Distribution Review banned commission-based sales from 2013, but last month it hinted at a re-entry into advice. Santander was fined £12.4m by the Financial Conduct Authority in March 2014 for what it said were "widespread" investment advice failings. The fine followed a 13-month probe by the regulator, ...