Santander fined £12.4m for ‘serious failings’ in investment advice

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Former_MSE_Michael
Former_MSE_Michael Posts: 95 Forumite
in Reclaim bank & credit card charges
"Customers who sought investment advice from Santander could be due redress after the bank was fined almost £12.4 million"
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Santander fined £12.4m for ‘serious failings’ in investment advice

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  • SnowMan
    SnowMan Posts: 3,358 Forumite
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    Simple, personal, fair. It's what a bank should be....

    But they aren't :rotfl:
    I came, I saw, I melted
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
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    Not sure what this is doing on this board as it is about bank charges whereas the fine was for poor investment advice.
  • Aquamania
    Aquamania Posts: 2,112 Forumite
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    I didn't know this board was just for bank and credit card charges. I thought anything goes here. Look at all the PPI, MPPI and CPP threads.

    This thread was started by MSE who have liberty to post where they want anyway - refer to the forum rules.
  • illuminutter
    illuminutter Posts: 13 Forumite
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    My wife was mis-sold this product. They wildly exaggerated the benefits. But actually it's doing OK, for an investment ISA. So she hasn't actually lost money. So she hasn't suffered 'detriment', and therefore apparently isn't due 'redress'. But shouldn't she get compo for the act of mis-selling anyway? Perhaps MSN could look into this.
  • illuminutter
    illuminutter Posts: 13 Forumite
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    I mean MSE!
  • Aquamania
    Aquamania Posts: 2,112 Forumite
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    illuminutter wrote: »
    My wife was mis-sold this product. They wildly exaggerated the benefits. But actually it's doing OK, for an investment ISA. So she hasn't actually lost money. So she hasn't suffered 'detriment', and therefore apparently isn't due 'redress'. But shouldn't she get compo for the act of mis-selling anyway? Perhaps MSN could look into this.

    Redress is normally confined to putting a customer back into a position they would have been in had mis-selling not have occurred.

    Sell the investment and send any profits to me, if that would help you :)
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    illuminutter wrote: »
    But shouldn't she get compo for the act of mis-selling anyway?
    Not if the "mis-selling" didn't cause her any financial detriment.

    If she was put back into the position she would have been had she not made the investment then she'd actually have to pay back any profit she's so far made.
  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    My wife was mis-sold this product

    What product? Santander had a [small] range. They didnt just have one product.
    They wildly exaggerated the benefits.

    The rates of return shown on the documents are capped by the regulator. They are just examples and not guaranteed.
    But shouldn't she get compo for the act of mis-selling anyway?

    No. Redress is to cover losses caused by poor advice. She has no losses and as is better off. Strictly speaking they could void the investment and return the money had it been in a savings account and she would have less if you really want to push the point.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • illuminutter
    illuminutter Posts: 13 Forumite
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    The product is an investment ISA. The wild exaggeration came from a Santander "advisor", not from the literature. (Please see the MSE report of the Financial Conduct Athoritiy's mystery-shopper-based findings - the subject of this forum)
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    illuminutter wrote: »
    The wild exaggeration came from a Santander "advisor", not from the literature.
    So basically a "hearsay" complaint.

    Regardless, the replies you have received so far are not altered in any way by your response.

    There will be no "compo" since your wife has suffered no loss.
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