FCA fines Santander £33m and traces probate problems back to 1980

By Neasa MacErlean

Santander UK plc ended 2018 by picking up the biggest fine from the FCA in the year — a £32,817,800 penalty (net of 30 per cent reduction for co-operation) for “serious failings” in its probate and bereavement process. The issues relate to deaths from 1980 onwards and include legacy accounts from Abbey, Alliance & Leicester and Bradford & Bingley — even though the regulator has set the various commencement periods on or after January 2013.