Basic Search  |  Summaries  |  Advanced SearchPenalty: £19,000,000
Year: 2019
Date: 29 November, 2019
Offence Group: financial offences
Offence Type: banking violation
Violation Description: Santander was found to have broken the CMA's Retail Banking Market Investigation Order by failing to send text alerts before charging customers for unarranged overdrafts. It committed to refunds for those customers (£17m estimated refunds noted in linked press release from 2020) and also notified that the total refunds given to customers for a previous breach of the order totalled approximately £2 million.
Action Type: agency action
Settlement Type: CMA deferred formal enforcement action if company continued curing alleged breach.
Agency: Competition and Markets Authority
HQ Country of Parent: Spain
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: banking
Source of Data: (click here)