{"id":299432,"date":"2025-06-17T21:30:25","date_gmt":"2025-06-17T21:30:25","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/santander-fined-32-8-million-for-holding-money-from-bereaved-accounts\/"},"modified":"2025-06-17T21:30:25","modified_gmt":"2025-06-17T21:30:25","slug":"santander-fined-32-8-million-for-holding-money-from-bereaved-accounts","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=299432","title":{"rendered":"Santander Fined \u00a332.8 million for Holding Money from Bereaved Accounts"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"post-944\">\n<div class=\"entry-content post-content\">\n<p><img decoding=\"async\" class=\"alignleft size-medium wp-image-948\" src=\"https:\/\/www.executorsinsurance.co.uk\/wp-content\/uploads\/cropped-squirrel-holding-nuts-250x175.jpg\" alt=\"\"\/><\/p>\n<p>A chaotic probate and bereavement service at Santander bank, left beneficiaries out of pocket as the bank failed to distribute money from deceased accounts. The FCA has fined Santander \u00a332.8 million, although it was acknowledged that once company directors had discovered the issue they worked quickly to rectify mistakes. One of the worst cases described was an account valued at \u00a3120,000 which wasn\u2019t distributed for 13 years \u2013 it was only after solicitors pursued the case that funds were released along with \u00a3100,000 in compensation.<\/p>\n<p>Dealing with any estate after someones death can be incredibly stressful and undoubtedly this situation created major issues for beneficiaries but it will also have had an knock on effect for executors who are charged with distributing money to beneficiaries, and some may have been unfairly blamed because of Santander\u2019s failings.<\/p>\n<p>Other banks have been cristicised in the past for failing\u00a0 beneficiaries\u00a0 and\u00a0 this\u00a0particular issue is surprising given that banks introduced a system this year- <strong>The Death Notification Service UK<\/strong>, the financial version of the government system \u2018Tell us Once\u2019, which was supposed to make it easier for anyone dealing with a deceased estate to notify multiple banks and building societies at the same time. Santander was one of the banks who had signed up to provide this service to bereaved families.<\/p>\n<p>The banks Chief Executive, Nathan Bostock stated: <em>\u201cWe accept the FCA\u2019s findings and have fully cooperated with their investigation.<\/em><\/p>\n<p><em>\u201cWe have now transferred the majority of customer funds and made significant improvements to our whole probate and bereavement process, ensuring we provide both a sensitive and efficient service to our bereaved customers\u2026 and those who are managing the estates of people who have passed away.\u201d<br \/><\/em><\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<p>\t\t\t\t\t&#13;<br \/>\n\t&#13;<br \/>\n&#13;<\/p>\n<div class=\"post-author-block rounded-corners clearfix\">\n<div class=\"post-author-avatar\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/734ad0dd47b4668e5d76e73362bcd9f2fc764884f81792e3d3ccff4aa52c18f4?s=100&amp;d=mm&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/734ad0dd47b4668e5d76e73362bcd9f2fc764884f81792e3d3ccff4aa52c18f4?s=200&amp;d=mm&amp;r=g 2x\" class=\"avatar avatar-100 photo\" height=\"100\" width=\"100\"\/><\/div>\n<div class=\"post-author-info\">\n<p>Chantal Haddon <span class=\"light\">\/ About Author<\/span><\/p>\n<div class=\"post-author-posts-link\"><a href=\"https:\/\/www.executorsinsurance.co.uk\/author\/chantal-haddon\/\">More posts by Chantal Haddon<\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>&#13;<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>A chaotic probate and bereavement service at Santander bank, left beneficiaries out of pocket as the bank failed to distribute money from deceased accounts. The FCA has fined Santander \u00a332.8 million, although it was acknowledged that once company directors had discovered the issue they worked quickly to rectify mistakes. One of the worst cases described [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":299433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[11074,131380,27821,2449,1648,832,29295],"dealstore":[],"offerexpiration":[],"class_list":["post-299432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-accounts","tag-bereaved","tag-fined","tag-holding","tag-million","tag-money","tag-santander"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Santander Fined \u00a332.8 million for Holding Money from Bereaved Accounts - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=299432\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Santander Fined \u00a332.8 million for Holding Money from Bereaved Accounts - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"A chaotic probate and bereavement service at Santander bank, left beneficiaries out of pocket as the bank failed to distribute money from deceased accounts. The FCA has fined Santander \u00a332.8 million, although it was acknowledged that once company directors had discovered the issue they worked quickly to rectify mistakes. 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