Two fines has been imposed on Banco Santander, S.A. (as successor of Banco Popular)

13/06/2019

At its meeting on 26^th October 2019, the Governing Council of the Banco de España resolved to  imposed on Banco Santander two sanctions amounting to €4,500,000:

• (I) A first infringement was committed since breaches were detected of Ministerial Order 2899/2011 and of Banco de España Circular 5/2012 relating to: the provision to customers of pre-contractual and contractual information and the compulsory content of such information; calculation of APR; and the charging of commission for services not provided.
  
  Fine imposed on Banco Santander, S.A., in its capacity as universal successor of Banco Popular Español, S.A., amounting to one million five hundred thousand euro (€1,500,000), pursuant to Article 10(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanction proceedings, applicable in view of the time of the commission of the infringement), for the commission of a serious infringement of the type defined in Article 5(e) of said Law 26/1988, consisting in the performance of actions or operations in breach of the rules issued under Article 29(2) of Law 2/2011 of 4 March 2011 on the sustainable economy.
• (II) A second infringement was committed since  breaches were detected of Laws 41/2007 and 44/2002 relating, respectively, to: the compensation and charges in the event of early repayment and the application of interest rate rounding clauses.
  
  Fine imposed on Banco Santander, S.A., in its capacity as universal successor of Banco Popular Español, S.A., amounting to three million euro (€3,000,000), pursuant to Article 9(a) of Law 26/1988 of 29 July 1988 on the discipline and intervention of credit institutions (substantive rule on sanction proceedings, applicable in view of the time of the commission of the infringement), for the commission of a very serious infringement of the type defined in Article 4(e) of said Law 26/1988, consisting in the performance of actions or operations prohibited by regulatory and disciplinary provisions with the status of law or in non-compliance with the requirements laid down in those provisions , unless on a merely occasional or isolated basis.

These sanctions are a final administrative decisionAbre en ventana nueva.