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Santander set for adviser recruitment push

Santander says it will continue to grow its recruitment of financial advisers, having expanded by 50 per cent since January to 150 advisers. 

The firm has offered advice to existing customers since early 2013 when it cut the majority of its advisers. It says in January this year it began to advise new clients with more than £50,000 in investible assets. 

Since the start of 2014 new recruitment has seen its 100 advisers grow 50 per cent to 150, with plans in place to continue that rate of recruitment. 

A spokesman says: “Santander’s financial planning managers started offering investment advice to any customer with more than £50,000 to invest from 6 January 2014. We are now carefully increasing our adviser population and have increased to around 150 over the past few months, from 100 at the beginning of the year, and our intention is to continue with this considered growth plan further in the future.”

The advice is restricted to structured products, Santander Asset Management funds and deposit accounts. 

In December 2012 the business temporarily suspended all its advisers over fears they would not be ready for the RDR. 

Then in March 2013 Money Marketing revealed that Santander had cut its advice arm with the loss of 724 jobs, retaining a service only for existing clients. 

The FCA fined Santander £12.4m in March over poor investment advice. It followed a mystery shopping of the bank’s investment advisers in 2012.

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