The Bank of Spain imposes a fine of 540,000 euros on Santander Consumer Finance

Aug. 26 () –

The Bank of Spain has imposed a fine of 540,000 euros on Santander Consumer Finance for not sending customers, on the occasion of settlements of unpaid consumer loans, the interest or commission settlement document.

It is a fine to which the 40% reductions have been applied, for the commission of a “serious” infraction typified in article 93.f) of Law 10/2014, of June 26, on planning, supervision and solvency of credit institutions.

The supervisor explains that the infraction consists of carrying out acts or operations in breach of the regulations issued under article 5 of that same law.

Specifically, in breach of Order 2899/2011 and Circular 5/2012 of the Bank of Spain, the Santander finance company did not send customers, on the occasion of settlement of unpaid consumer loans, the mandatory document for settlement of interest or commissions, “not having such breaches of an occasional or isolated nature,” says the institution. This resolution is final in administrative proceedings.