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> Instead of fixing these issues this incident will most likely change regulations in a way that it will be easier for banks to reclaim funds lost in similar wa

> Instead of fixing these issues this incident will most likely change regulations in a way that it will be easier for banks to reclaim funds lost in similar ways in the future. The U.K. FCA tends to be extremely consumer friendly and somewhat bank hostile. There will be no regulation change as a result of this, more likely fines and greater oversight from the FCA. They’ll no doubt be demanding incident post-mortems already, and the general expectation is that Santander will have to cover any lost funds that can’t be recovered by asking nicely. The FCA takes an extremely dim view of banks aggressively pursuing individuals for money after the bank fucked up.

tialaramex 5y ago
Consumers (ie actual people) will be made whole by law. And most likely affected businesses won't end up out of pocket either, but the law doesn't protect them as much, on the rationale that they're not people. So banks do screw them over all the time too, just probably not this time. 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.
- mike_hock 5y ago
  > no that isn't what their initials really ... Yes, we understand regulatory capture. Thanks for making your joke cringeworthy by explaining it at length.
- avianlyric 5y ago
  > 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.

tialaramex 5y ago

Consumers (ie actual people) will be made whole by law. And most likely affected businesses won't end up out of pocket either, but the law doesn't protect them as much, on the rationale that they're not people. So banks do screw them over all the time too, just probably not this time. 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.

mike_hock 5y ago
> no that isn't what their initials really ... Yes, we understand regulatory capture. Thanks for making your joke cringeworthy by explaining it at length.
avianlyric 5y ago
> 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.