Santander braced for £12.5m fine for bad investment advice
SANTANDER is expected to be hit by a £12.5m fine today as the Financial Conduct Authority (FCA) clamps down on bad investment advice.
The bank has disputed some of the watchdog’s findings, according to Sky News.
Meanwhile the global Santander group pledged to increase small business lending by at least 10 per cent in each of its markets.
In the latest sign of Europe’s recovery the bank promised to increase SME lending by 24 per cent in its home market of Spain.
The new initiative should result in €30bn (£25bn) of new small business lending in the troubled peripheral economy this year alone.
The move follows its approach in the UK where it has cut back on mortgages to focus on SME lending.
The group is also introducing a passport system for business customers so that they receive the same treatment in each country, rather than a separate service from each local subsidiary of the bank.