1. The FCA has fined Santander UK Plc (Santander) £12.4 million (including a 30 per cent discount) for failings related to financial advice.
2. The FCA found that Santander breached Principles 7 and 9 of the FCA’s Principles for Businesses for

1. failing to ensure that customers received suitable advice,
2. that certain investments were reviewed to ensure that customers’ needs were being fully met,
3. that financial promotions were fair, clear and not misleading, and
4. that new advisers were given sufficient training.
5. The FCA recognised that Santander made proactive improvements to its investment sales process.
6. Also, customer complaints were low during the period in issue and actual detriment to customers was not likely to be high. Nevertheless Santander’s failings were considered serious in light of the number of customers that could have been affected and the FCA’s previous statements and actions.

Copies of

1.  Santander’s final notice http://www.fca.org.uk/static/documents/final-notices/santander-uk-plc.pdf
2. FCA press release  http://www.fca.org.uk/news/press-releases/santander-uk-investment-fine