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The Spanish-owned bank will be hit with its biggest UK fine for providing flawed investment advice to consumers
The City watchdog is to impose one of its biggest-ever retail fines on Santander UK over flawed investment advice that it will say was given to large numbers of customers. Sky News has learnt that the Financial Conduct Authority (FCA) plans to announce a penalty of approximately £12.5m following a 13-month long investigation by its enforcement division. The announcement could come as soon as Wednesday morning. The fine will be the largest suffered to date by Santander UK, which has expanded through acquisition into Britain's fifth-biggest high street bank following takeover deals involving Abbey, Alliance & Leicester and Bradford & Bingley.....Read more here
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