LONDON Feb 13 Santander's British arm
is being investigated by the country's financial regulator for
possible breaches in the quality of its investment advice,
industry sources told Reuters.
The Financial Services Authority on Wednesday said it had
referred one unnamed firm to its enforcement division for
offering flawed investment advice to customers.
Santander declined to comment on whether it was the firm.
The enforcement action came after spot checks on the quality
of advice available at six major lenders. A spokesman for
Santander said of that review: "We are considering the findings
in the context of the significant actions we took in 2012 to
prepare for the post-RDR (retail distribution review) world."