Santander Earmarks £58M To Compensate Credit-Card Customers

Law360, London (January 31, 2019, 4:28 PM GMT) -- Santander UK PLC has revealed it has put aside £58 million ($76 million) to compensate consumers of its credit operation in what appears to be the latest attempt by the bank to put conduct issues behind it.

The British arm of the Spanish-owned bank revealed it was setting aside the compensation pot but declined to reveal further details.

“This charge is management’s current best estimate as we continue to assess the scope of this issue,” Santander said as it published its latest results on Wednesday.

In a separate development, Santander was fined £32.8 million by the Financial Conduct Authority in December for “serious...

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