FCA fines Santander £33m over deceased customers' accounts

Eugenia Jiménez
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FCA fines Santander £33m over deceased customers' accounts

The Financial Conduct Authority (FCA) has fined Santander £32.8m for failing to pass on inheritances to dead clients' beneficiaries. Santander did not transfer funds totalling over £183m to beneficiaries when it should have, which affected 40,428 customers. The bank also failed to disclose information to the FCA about issues with the probate and bereavement process when it became aware of them. Mark Steward, executive director of Enforcement and Market Oversight at the FCA, said: "These...

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