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Ministry of Economy fine Santander €14 Million

Source: Cinco Dias - Sun 20th May 2012
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.

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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.

Comment on this Story

 
Brian : If you believe that Santander have acted unethically, illegally, have mis-led you or mis-sold you a service then you might want to read the guide by clicking HERE and make contact with the appropriate Defensor.
Tumbit - Admin - Mon, 21st May 2012
I was conned by Santander Bank, in 2006, out of my life savings, they said everything, was explained to us and that our savings were COMPLETLY safe, in a company called S O S CUETARA now called Deoleo,we tried every thing we know about, But cannot get our money back, con-tacted (CNMV) Madrid banko Spain : no joy we are desperate, for help, without large fees.
Brian Chapman - Mon, 21st May 2012