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12/19/2018, 12:52 PM (Source: TeleTrader)
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Santander UK branch fined £32.8M by FCA

The British arm of Spanish multinational banking group Banco Santander SA was fined £32.8 million on Wednesday by the United Kingdom's Financial Conduct Authority (FCA) for improperly processing deceased customers' accounts.

The fine was handed down as a result of Santander UK's failure to transfer more than £183 million in funds to beneficiaries when it was required to do so, thereby affecting more than 40,000 customers. The bank subsequently failed to inform the FCA of the problems when it became aware of them.

Santander said it was "very sorry" following the handing down of the fine and that it "fully cooperated" with the FCA's investigation. The FCA noted that the bank had rectified all problems promptly upon their identification but that it took too long to identify them. The FCA added that there were deficiencies in Santander's control and organization of its bereavement and probate processes.

Breaking the News / DZ