Santander’s 800 investment advisers have been summoned to a crunch meeting next Wednesday prompting fears of redundancies.
The bank’s advisers have been suspended since 7 December as the bank decided they did not meet “RDR suitability and processes” requirements.
At the time, Santander said the advisers would be put on a six-week “intensive training programme” to bring them up to speed, however Money Marketing understands the training has not yet started for the majority of advisers.
It is believed only 70 advisers have received training to do some protection business and look after a tranche of bonds that are maturing shortly.
Santander says all advisers and supervisors have received distance learning and related assessments in December and January.
At its weekly conference call on Wednesday, Santander told advisers to attend a meeting at the NEC in Birmingham on 13 February at 11am.
A source says: “There was a change of tone – previously it has all been about how committed Santander was to providing financial advice. This week the only information was that all advisers are instructed to attend a conference on 13 February at the NEC.
“The general feeling seems to be that they will probably announce redundancies at this meeting.”
A Santander spokesman says: “Santander continues to review its financial advice offering within the new regulatory framework. Santander committed to its adviser force back in December that it would keep them informed of the progress of this review. The meeting next Wednesday at the NEC is part of this commitment.”