Santander controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2018
Santander fined over handling of deceased customers’ accounts
Fine or penalty
The Financial Conduct Authority fined Santander's UK banking division £32.8 million for failing to process deceased customers' accounts and investments and transfer more than £183 million to beneficiaries. Santander said it accepted the FCA's findings.
Company response
Apology — Santander
Santander on Wednesday apologised over the matter.
Remediation — Santander
The bank has since transferred the majority of funds in deceased customers' accounts to their rightful beneficiaries, with compensatory interest where appropriate.
Source excerpt
The Financial Conduct Authority handed down a penalty equivalent to $41.5 million and 36.5 million euros to the Spanish banking group for not transferring more than £183 million to beneficiaries.
A total of 40,428 customers were affected by the lender's errors, which in some cases went back many years, the FCA said.
Santander's UK banking division has been fined £32.8 million for failing to process accounts and investments of deceased customers, regulators said Wednesday.