Santander UK


Banco Santander office

Santander: 1.5bn hit to UK operation, without visible impact in the accounts

Bankinter | Santander UK has completed a revision of its  UK operation, with a cut of 1.5 Bn€. This writedown is due to a deterioration in business perspectives (generation of future incomes) as a consequence of the severe regulatory environment and uncertainty about Brexit, which obliges it duplicate certain functions and, therefore, raise costs and reduce the expectations for the generation of profits.



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FSA fines Santander £1.5mn over poor information, clients didn’t lose out

LONDON | The British financial regulator, the Financial Services Authority (FSA), confirmed Monday that Santander UK was fined £1.5 million for failing to clarify under which circumstances its structured products would be covered by the Financial Services Compensation Scheme (FSCS). The Spanish bank acknowledged that it could have replaced all product literature and training materials more quickly to reflect the FSCS position accurately. The fact that it allowed sales to continue with…