Op risk data: Santander in car crash of motor-finance fail
Also: Macquarie fined for fake metals trade flaws, Metro makes AML misses, and Invesco red-faced over greenwashing. Data by ORX News
In November’s largest loss, the UK subsidiary of Spanish bank Santander set aside £295 million ($374.8 million) to cover potential payouts to car loan clients, following a UK court ruling on discretionary commitment arrangements (DCAs). It is the first of the month’s three largest losses involving sanctions by the UK’s Financial Conduct Authority.
In 2021, the FCA banned DCAs over concerns that they incentivised dealers to charge higher rates. In January 2024, it began investigating such
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