How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
... Telefonica are NOT the only service provider of Telephone Lines, Internet Access or Mobile Phones?
Tumbit recommends Telitec Communications. Find out how Telitec Communications can help you here!
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily Brief - Thursday 5 December 2013
- Join us for FREE IHT advice in Murcia & Costa Calida
- Crime Pays (In Spain at least)
- Madrid : Spain's Fashion Centre
- Gibraltar Relations
- Pensioners 'misled' by Co-op Bank
- UK Inflation no problem for Governor Carney
- Retiro Park : Madrid
- Spanish Tourism Stats Confusion
- Wincham announce opening of Marbella office
- Unauthorised Financial Advisers in Spain : UPDATE
- Community Insurance in Spain
- Calendar Girls
- Own a Property in Spain ? Then you need to read the following
- Considerations when Insuring your Boat in Spain
Ministry of Economy fine Santander €14 Million
The Ministry of Economy, at the request of the National Securities Market Commission (CNMV) has fined the Asset Management division of Banco Santander €14 Million - the third highest such penalty ever imposed.
The fine relates to the Bank's "Serious Infringement" of the law regarding 'Collective Investment Institutions', and concerns 2 of the Santander's Asset Management products.
Today's Official State Bulletin (BOE), specifically mentions the "violation of income, fees and expenses attributable" on the 'superselection 2' and 'Super Fund 100' products, neither of which is currently on offer, with the offending period being between 2003 and 2007.
However, Santander have appealed against the fine on the grounds that clients of the funds recieved the returns that they expected and were promised.
It is understood that the complaint is basically due to the fact that each of the 2 funds in questions invested heavily in other funds, and as such commissions charged by the Bank were doubled up.
The Santander superselection 2 was the 2nd edition of the 1st fund which allowed the then called Banco Santander Central Hispano (BSCH) to attract €2 Billion in it's first month of issue in January 2003. The popularity of the 1st edition saw the Superselection 2 being launched just 6 months later.
Superselection guaranteed the return of the capital invested within 42 months, plus 75% of the appreciation of a basket of 10 funds 'chosen from the best in the world', according to a classification published annually by Standard and Poor's.
The Super 100 was a similar fund, also guaranteeing a product that invested in other collective investment schemes.
Latest News & Stories
- Emergency Landing at Madrid-Barajas
- A quarter of expats not being offered moving allowance
- Spain to Privatise Rail Services From Early 2014
- Spain's industrial output falls in Oct after brief Sept rise
- Questions asked in UK Parliament over Spain's Gibraltar Hypocrisy
- Moody's revises Spain's outlook to stable
- Idea of an independent Catalonia gets a NATO no-go
- Expats fear being priced out of British housing market
- Family problems blamed for unsuccessful relocations
- Orange Spain Launches Xmas Smartphone Offers
- How and where to complain about my Bank in Spain
- Bank guarantees - when things go wrong
- Opening a Bank Account in Spain
- Bank Charges in Spain