HUNTSWOOD_RCX_OnBLACK 1
  • Capabilities

    Capabilities

    Huntswood’s suite of client services provide the people, processes and technologies your business needs to succeed, all supported by advisory expertise

    • Complaints excellence
    • Customer contact centres
    • Offshore customer support services
    • Recruitment process outsourcing
    • Past business review and remediation
    • Customer servicing
    • Operational resilience and continuity
    • Regulatory risk and assurance
    • Advisory services
    • Resourcing and recruitment
    • Outsourcing
    Linkedin
    Complaints

    Complaints Outlook 2024

    Our latest Complaints Outlook research report provides your firm with actionable insight for every stage of the complaints journey

    Learn More
  • Industries

    Industries​

    We help clients transform their business to drive better customer, compliance and commercial outcomes

    • Financial services
    • Utilities​
    Linkedin
    Hunstwood

    We are Huntswood

    Learn more about Huntswood’s experience, high quality resource and bespoke solutions.

    Learn More
  • Company

    Company

    • Contact us
    • Media centre
    • Life at Huntswood
    • Environmental, social and governance
    • ResultsCX

    About Huntswood

    • About us
    • Our leadership team
    • Our client relationship directors
    • Our partners

    Off Payroll (IR35) Working

    • Off payroll (IR35) working - FAQs for clients
    • Off payroll (IR35) working - FAQs for associates

    Policies and Reports

    • Modern slavery statement
    • Huntswood tax strategy
    • Covid-19 workplace risk assessment
    • CXP gender pay gap
  • Insights

    Stay informed. Stay ahead.

    • All
    • Articles
    • Case studies
    • Regulatory updates
    • Whitepapers
    • Infographics
    • Videos and podcasts
    Linkedin

    Business outcomes
    that underpin your growth

    Watch video
  • ResultsCX
Recruitment

Lessons from the Santander Final Notice

Resources

Article

Date

May 30, 2014

BACK TO ALL POSTS

Lessons from the Santander Final Notice

Share

On 24 March, Santander UK plc was fined £12m in relation to significant concerns about the quality of advice and communications with its retail customers. Much of the Final Notice highlights common failings for firms when giving advice.

Specifically, inadequate processes to gather sufficient information to support the suitability of its investment recommendations, inadequate processes for establishing the level of risk its customers were willing and able to take, customers were not provided with satisfactory explanations as to why the recommended investments were suitable for them, no formal process for undertaking the regular reviews of premium investments, which the marketing literature indicated was a fundamental element of the service, inappropriate procedures for monitoring the quality of investment advice and for taking remedial action where advice was found to be unsuitable and / or unclear and new advisers not receiving adequate training before giving advice to customers (new mortgage advisers take note).

Failings to their sales process and controls aside, one of the other notable findings relates to Santander’s response to the Wealth Management Review’s Dear CEO letter, which the FCA cited as overly positive and misleading.

Clearly Santander is not the only firm to ‘polish’ submissions to the regulator. If you take nothing else away from the Santander Final Notice, the FCA’s comments on this aspect serve as a useful reminder to senior management to ensure dialogue with the FCA is transparent and objective. A particularly important reminder in the FCA environment with the greater use of senior management attestations.

Home
About us
Insights
Contact us
ResultsCX
Privacy Policy
Cookies
Terms and Conditions
Modern Slavery Statement
Carbon Reduction Plan
Promotion of Access to Information Act (PAIA)

©2025 All Rights Reserved. Huntswood. A ResultsCX Company.

Privacy Policy
Cookies
Terms and Conditions
Modern Slavery Statement
Carbon Reduction Plan
Promotion of Access to Information Act (PAIA)