Santander UK are fined £12.4m by the FCA for Poor Advice

RichardsmallFor those of you who’ve not caught this story, Santander UK are to be fined £12.4m by the FCA   for poor advice.
Their failure revolves around not considering the risks their customers were willing to take, a failure to ensure that customers were given clear advice, and that investments were a suitable investment for their customers.  The BBC have comments on the Santander fine .

Richard Pipe, Director of Searchlight Investments gives his views  on the most recent news of Santander.

“Absolutely disgraceful, but sadly not a great surprise, as Santander is the latest in a long line of high street banks failing to deliver good financial advice. ”

Richard continues: 

 

“This is yet another example of banks and their senior staff putting their own interests above their clients’ interests.  If we operated Searchlight in the same way, we would very quickly have no business to run, either because we would lose our customers or because the FCA would close us down.

Searchlight advisers are highly qualified and experienced and our clients’ interests are always at the heart of our business.”

 

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