Britain’s Financial Services Authority (FSA) referred a major high street bank to its enforcement division, the latest clamp-down on an industry tarnished by mis-selling and interest rate-rigging scandals.
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Santander has suspended its investment advice service in December. It has also pulled the advisers off work for more training.
The new rule, that has been introduced, aims to make financial advice more transparent for customers.
The financial regulator said the probe, which followed spot checks during a review of the quality of advice available at six major banks and building societies, would only have been ordered if the company in question had a history of poor advice.
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By GlobalData
