Santander sets aside £43m for investment advice redress


Santander has set aside a further £43m for investment advice compensation after agreeing a revised redress scheme with the FCA.

In results published today for the year to 30 September 2015, the bank says it has set aside an additional £43m relating to wealth and investment products.

It says: “The additional provisions were taken following the agreement of the revised approach to redressing portfolio and structured investment customers with the FCA.”

This is in addition to the £45m set aside by Santander for investment advice misselling in February.

Santander was fined £12.4m by the regulator in March 2014 after an FCA investigation found “significant deficiencies” in the bank’s suitability process.

Santander says its conduct provision, excluding payment protection insurance redress, now totals £195m.

The bank currently has a £48m provision for PPI claims, which it says is likely to be increased once there is greater clarity on the implications of a recent Supreme Court ruling.