20 Dec 2018
Santander has been fined £32,817,800 after the Financial Conduct Authority (FCA) found it had failed to effectively handle the accounts and investments of deceased customers.
According to the regulator, the bank failed to transfer funds totalling over £183m to beneficiaries when it should have done, which directly affected 40,428 customers.
Santander also failed to disclose information relating to the issues with the probate and bereavement process to the FCA after it became aware of them.
In some cases, funds were held for many years, contributing to beneficiaries being deprived of the use of them for a considerable amount of time.
Santander breached important principles by failing to take ‘reasonable care to organise and control its probate and bereavement process responsibly and effectively.’
It also failed to treat its customers and those who represented them on their death fairly, the FCA explained.
Nathan Bostock, Santander UK CEO, said: “Santander is very sorry for the impact these failings have had on the families and beneficiaries affected. We accept the FCA’s findings and have fully cooperated with their investigation.”
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