UK watchdog fines Santander over advice

High street lender Santander has been fined £12.4 million after the City of London watchdog uncovered “serious failings” in investment advice provided by the bank.

The Financial Conduct Authority (FCA) said Santander’s advice was flawed after it found staff were not being trained properly and failed to get to grips with customers’ personal circumstances and the level of risk they were prepared to take.