The Financial Conduct Authority (FCA) is preparing to fine Santander UK in the region of £12.5m for faulty investment advice, according to reports.
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, reports Sky News. Santander has claimed no customers suffered detriment as a result of its advice, and also disputed many of the regulator's conclusions, the report adds, citing unnamed sources from the bank. As part of its mystery shopping exercise, the results of which were revealed in February last year, the regulator, then the Financial Service Authority (FSA), carried out a total of 231 visits to six major retail banks. While ab...
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