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FINRA Fines Santander Unit Over Structured Products

The U.S. Financial Industry Regulatory Authority has fined Santander Securities of Puerto Rico USD2 million for deficiencies in its structured product business.

The U.S. Financial Industry Regulatory Authority has fined Santander Securities of Puerto Rico USD2 million for deficiencies in its structured product business. FINRA charged the unit with “unsuitable sales of reverse convertible securities” to retail customers, inadequate supervision of sales of structured products, and inadequate supervision of accounts funded with loans from its affiliated bank,” among other violations related to their structured product offerings.

Click here to read the release from FINRA

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