Tweet
Enforcement action to be taken against Santander after regulators find uncover evidence or bad investment advice.
The Financial Service Authority is understood to be taking action against Santander after a mystery shopping exercise revealed that many bank customers were poor advice on Isas, pensions and investment plans. The regulator conducted a mystery shopping exercise between March and September last year, and found that in one in 10 cases customers received poor advice, and in a further 15pc of cases banks failed to gather enough information to ensure the product sold was suitable. The FSA said it was "disappointed" by the results - and said that further action would be taken again one bank. It is understood that this is Santander. The bank is currently not selling investment products, while its staff undergo retraining. The FSA said that where problems had been identified, banks will also review previous sales to identify if customers have been sold an unsuitable product......Read more here
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.