LONDON – The United Kingdom branch of Banco Santander has been fined 32.8 million pounds ($41.5 million) for failing to adequately process accounts and investments of deceased persons, the country’s financial conduct regulator said on Wednesday.
The UK’s Financial Conduct Authority said Santander had not transferred funds totaling more than 183 million pounds in a timely manner to 40,428 beneficiaries and had also not properly disclosed information relating to the problems with the probate and bereavement authorities.
“These failings took too long to be identified and then far too long to be fixed,” the FCA said.
It added that once the issues had been notified to the bank’s board and senior management the financial entity went on to fix them correctly and rapidly, something that was to its credit.
“But recognition of the problem took too long,” the FCA said.
Santander had breached probate and bereavement regulations between Jan. 1, 2013 and July 11, 2016, the FCA said in a statement.
The bank did not contest the FCA’s findings and agreed to resolve the case, thus qualifying for a 30 percent discount on the fine.