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UK: Santander prepares for $55 million compensation payout

By  |  February 3, 2015

Santander’s UK banking arm has signaled that it is preparing to hand out $55 million in compensation following its fine last year for giving unsuitable investment advice to customers.

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    The Financial Conduct Authority fined Santander last March after finding problems in the way retail investments were sold in the two years to December 2012.

    The UK arm of the Spanish bank included the$55 million in a list of provisions in its results for 2014, which also showed the payment protection mis-selling scandal cost $105 million during the year.

     

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