> But the Fundamentally Complicit Authority (no that isn't what their initials really stand for, it's a Private Eye recurring joke because of how useless they are) as regulator is unlikely to expect Santander to actually fix anything about their process, and so this will happen again. And again.
Having been at a bank after a similar level of fuck up, you can be sure the FCA will be asking some tough questions, and they absolutely will instruct institutions to fix their processes. Fail to do that enough times, and you’ll be forced to do a skilled persons report. Having experienced that, I can tell you, you don’t want it happening to your bank. It months of audits, followed by years of remediation.
Having been at a bank after a similar level of fuck up, you can be sure the FCA will be asking some tough questions, and they absolutely will instruct institutions to fix their processes. Fail to do that enough times, and you’ll be forced to do a skilled persons report. Having experienced that, I can tell you, you don’t want it happening to your bank. It months of audits, followed by years of remediation.