Santander fined £33m for keeping dead customers' money, 100 days to go until Brexit, and more top news
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Santander has been fined £32.8m by the UK’s financial regulator, for holding back the funds of customers who had died. The Financial Conduct Authority found the UK arm of the Spanish bank failed to pass on £183m to the next of kin of customers up to 21 years after their deaths. More than 40,400 deceased customers’ estates were affected over a three-year period. Santander UK’s CEO, Nathan Bostock, said: “Santander is very sorry for the impact these failings have had on the families and beneficiaries affected.”
Also.. Santander is one of eleven banks to have been approved to join a £350m scheme to take business customers away from Royal Bank of Scotland – a condition of the lender’s government bailout more than a decade ago during the financial crisis.
The European Union has released its no-deal Brexit contingency plan, 100 days before the UK is due set to leave the EU. The European Commission says the preparations – labelled an an “exercise in damage limitation” – are necessary amid continued uncertainty in the UK. Some 14 measures cover legislation relating to eight sectors, including transport and customs, data protection, animal health and plants, climate policy and key financial products. MPs are due to vote on the Brexit deal in mid-January.
MPs have urged UK competition authorities to investigate Facebook, to clarify the social media giant’s data practices and be subject to a competition probe. It follows a report by The New York Times that Facebook gave members' personal data to some of the world’s largest technology companies – including Netflix, Spotify and Microsoft [LinkedIn Parent]. Meanwhile, Washington DC's top prosecutor is suing Facebook for its role in the Cambridge Analytica scandal. In the UK, the company was fined £500,000 over the scandal, the maximum fine the British data regulator can impose.
Uber has lost a landmark case over worker rights, entitling UK drivers to minimum wage and sick leave. The Court of Appeal upheld a 2016 ruling, refuting the ride-hailing app’s claim that its drivers are self-employed. Earlier this week, the government said that it would look into workplace policies to help preserve gig economy jobs. Meanwhile, Uber and other private taxi companies will no longer be exempt from paying London’s congestion charge, as Mayor Sadiq Khan pushes to cut down on the city’s air pollution.
The companies behind Panadol and ChapStick lip balm are merging their consumer-health units, to become the the world’s biggest producer of over-the-counter medicines. UK pharmaceutical company GlaxoSmithKline and US firm Pfizer are combining their consumer healthcare businesses into one business, known as GSK Consumer Healthcare, with annual sales of £9.8bn. GlaxoSmithKline will have a 68% stake in the new company. The deal still needs approval by shareholders and regulators and will affect brands like Panadol and Anadin, as well as Aquafresh toothpaste and ChapStick lip balm.
Idea of the Day: When women support other women in the workplace, the entire company can benefit, says student Katie Vigilante.
“Female leadership can truly trickle down. Mentorship follows similarly uplifting patterns.”
What's your take on today’s stories? Share your thoughts in the comments.
Clinical Research Associate at Rochester General Hospital
5 年Sad
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5 年Thanks for the heads up..
Josh Rodgers
Pewsey CLT | GuideDogs Puppy Raiser | ex FDM* Group | Charity Founder Trustee NED Advisor Interim | ex Charity CEO YMCA West Kent | Veteran | Durham Uni | RSME | DEODS | RMCS | RMAS
5 年Hope the very small fine is paid by reduced salary / bonus / pension for the senior execs and non exec directors who allowed this to happen unchallenged. Yes sir you will get your pension but you’ll have to wait 21 years for it... I hope every penny plus interest has been paid back plus compensation for distress, legal bills etc. I hope none of their current customers / mortgage borrowers will have to pay a penny of this fine...