FCA fines Santander £33m for “serious failings” in its probate and bereavement process

The Financial Conduct Authority has fined Santander £32,817,800 for failing to effectively process and distribute the funds of customers who had passed away. These failings in their probate and bereavement process resulted in 40,428 customers being directly affected by more than £183 million that was not passed onto to beneficiaries. Mark Steward, executive director of enforcement at the FCA, said: “These failings took too long to be identified and then far too long to be fixed. To the firm’s credit, once these problems were notified to the board and senior management, they were fixed properly and promptly. But recognition of … Continue reading FCA fines Santander £33m for “serious failings” in its probate and bereavement process