Where appropriate, Santander has paid interest on the funds to beneficiaries to compensate them for the delay in their receiving the funds, together with compensation for any consequential loss that was suffered.
Santander also breached principle 11 between 26 November 2013 (or reasonably soon thereafter) and 1 May 2015 by failing to disclose information relating to the issues with the probate and bereavement process to the FCA.
Santander did not notify the FCA of the nature or extent of the issues it faced, including the numbers of potentially affected customers and assets, and was selective in the information it provided.
Accordingly, Santander’s conduct fell below the standards of openness and cooperation expected of an authorised firm.
Santander did not contest the FCA's findings and agreed to resolve the case and therefore qualified for a 30 per cent discount.
Were it not for this discount, the FCA would have imposed a financial penalty of £46.8m on Santander.
emma.hughes@ft.com
