July 28, 2014

Santander tells clients FTSE 100 was trading at 9k points during recession

Details have emerged of the failings of Santander UK when providing financial advice, leading to a FCA fine of £12.4m pounds – the largest fine of its type related to investment advice in the retail banking sector.

Some of the failings exposed by the FCA include the bank telling clients that an investment ‘will likely double’ as well as claims that the FTSE 100 was trading at up to 9,000 points during the height of the recession in 2008. The FTSE 100 was actually trading at between 3,655 and 6,535 during the respective time.

 

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