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

dunstonh

I suggest you read the MSE report on the FCA review that is the subject of this forum.

I suggest you read the FCA review rather than a cut down summary.

The word "redress" is not the property of financial advisors.

It is also not paid to people that have not made a loss.

magpiecottage

Actually there is an exception to this. If you can prove that you were told a particular return would be achieved then that would be taken as a guarantee and Santander would have to honour it.

However, simply saying you were told it is not proof but an unsubstantiated assertion and will never on its own cause a complaint to be upheld. That is what moneyineptitude means when calling it hearsay.

illuminutter

I have read the full FCA review. My wife doesn't have to make a hearsay claim - Santander have accepted that their "advisors" made exaggerated claims. FCA mystery shoppers were told their money would be doubled - as was my wife.

It's not clear from the review, but I accept that in this context "redress" appears to mean compensation for financial detriment.

So might there really be a claim for the difference between the exaggerated claims and the actual returns?

dunstonh

Santander have accepted that their "advisors" made exaggerated claims.

Not in 100% of cases. Each case complained about will be checked on its merits. Evidence is key.

So might there really be a claim for the difference between the exaggerated claims and the actual returns?

Yes. provide your evidence of the amount you were told and they will honour it. No evidence will mean no case.

illuminutter

Thanks for that. A sensible response!

Obviously there won't be any evidence of verbal exaggeration.

dunstonh

Obviously there won't be any evidence of verbal exaggeration.

And most complaints making unprovable allegations fail on that particular point. it is logical they would as well as you could make anything up.

However, Santander had a number of other failings and Stantander not only have to consider the complaint reason but they also have to do a review of the sale and other failings could be identified that you were not even aware of. They would then uphold the complaint but on a different reason that you didnt give. They would then look if you had incurred losses or not. If you had not, then they would not pay out anything. If you had, they would.

illuminutter

Thanks dunstonh and magpiecottage. I guess that about wraps it up. Got there in the end! 😉

Headachesrus_2

Their policy for dealing with disabled and vulnerable customers is shocking. Still waiting for a callback that was due at 2pm yesterday!

meercats184

I have just received the santander offer and there are 2 options A if you want to come out of the investment they will offer you a sum and option B you can stay in the investment ..if you select option A at this point you can still go with option B later. This is the question ...if when i get the offer back it includes some element of compensation ...this is an isa and by saying i want out and taking the compensation how can i do this and still stay in the isa wrapper ..it may be too early to answer this and it is a thought
Personally i am going to opt for A find out what the offer is and then decide and i imagine that this will be a popular option ..any thoughts

beardiedog

I've just received my offer response and am considering transferring back into a cash NISA but I'm unsure on whether I need to set one up now or wait until I hear from Santander again. In the meantime, will the funds go into limbo in an ISA holding fund? It's unclear in the letter.