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Santander has been fined £32.8m by the FInancial Conduct Authority for failing to process the accounts and investments of deceased customers

The Financial Conduct Authority said the UK arm of the Spain-based bank did not transfer £183m to beneficiaries when it should have done, affecting 40,428 customers.

The problems took place between January 2013 and July 2016 and “took too long to be identified and too long to be fixed” the FCA said.

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