Spanish-owned bank withdraws 800 staff from giving investment advice in runup to retail distribution review
Santander has temporarily withdrawn 800 staff from giving investment advice while it continues to ensure they are fully able to comply with new rules from the Financial Services Authority that change the way such advisers are paid.
The Spanish-owned bank took the measure as the City regulator conducted a “mystery shopping” exercise across a wide range of firms which will be affected by the so-called retail distribution review when it comes into force at the end of the month.
A spokesman for Santander said the bank was “taking the time to consider the right solution for all our stakeholders”. He added: “As part of this process it was identified that our advisers require additional support and trading to meet the expected standards. We will therefore be undertaking an additional intensive bespoke training programme.”
Although its advisers have met the correct level of qualification, they require additional training.
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