FCA Fines Santander $42 Million Over Dead Customers' Funds
- Bank failed to pass on inheritances when customers died
- Santander apologizes, says it’s now improved its processes
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The U.K.’s Financial Conduct Authority fined Banco Santander SA’s U.K. unit 32.8 million pounds ($42 million) -- the regulator’s biggest penalty this year -- for failing to pass on inheritances to dead customers’ beneficiaries.
The bank didn’t transfer funds totaling 183 million pounds to beneficiaries when it should have, affecting 40,428 customers, the regulator said Wednesday. The bank also failed to disclose information to the FCA about issues with the probate and bereavement process when it became aware of them.