Dec 19, 2018

Santander failed to pass on inheritances

Santander UK has been fined £32.8m by the Financial Conduct Authority for failing to properly process the accounts of deceased customers. Santander did not transfer funds totalling over £183m to beneficiaries when it should have done, affecting a total of 40,428 customers directly. Failed to follow-up on communications with deceased customer representatives, which increased the likelihood of cases not being closed. As a result, despite Santander being informed that a customer had died, funds would not be transferred to those who were entitled to them. In instances where deceased customers had several different bank accounts and investments, the bank failed to identify these funds, which meant that those who were entitled to them remained unaware of the existence of those funds.

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