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Santander Fined £33M For Failing To Pass On Inheritances

Law360, London (December 19, 2018, 12:57 PM GMT) -- Santander UK PLC has been slapped with a £32.8 million ($41.5 million) fine for failing to pass the money of customers who have died to their families, the Financial Conduct Authority said on Wednesday.

The City regulator said it has penalized the bank for “serious failings” in processing the accounts of dead customers. Santander failed to transfer funds worth more than £183 million to beneficiaries, directly affecting more than 40,000 customers over three years, the FCA said. Funds were held for many years in some cases.

“These failings took too long to be identified and then far too long to be fixed,”...

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