Op risk data: Santander takes hefty historic hit over PPI mis-selling
Also: Brazil’s cyber screw-up, Barclays’ AML mishap, and MAS metes out more AML fines. Data by ORX News
In July’s largest loss, Santander was ordered to pay Axa a total of $908.4 million after being found liable for losses resulting from historic mis-selling of payment protection insurance (PPI) by GE Capital Bank – a firm Santander acquired in 2009. It’s estimated the mis-selling went back as far as the 1970s and continued beyond 2005. During this period, GECB sold PPI policies underwritten by two
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