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On 26 March 2014, the FCA published a final notice against
Santander UK under which the bank was fined £12,377,800 for
investment advice failings. The FCA found that Santander UK had
failed to (i) ensure that it was giving suitable advice to
customers; (ii) monitor the quality of investment advice given; and
(iii) ensure that new advisers were properly trained before being
allowed to give investment advice. In addition to the fine,
Santander UK is expected to pay compensation to affected
customers.
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