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FINANCIALS: Santander UK "Order Breach"; Minor Data Failing, Not Credit Material

FINANCIALS

Santander UK (SANTAN: Baa1 pos/A-/A-) headline around retail banking order breach is not credit material.

  • “*UK CMA LETTER TO SANTANDER ABOUT BREACHING RETAIL BANKING ORDER” – BBG
  • On reading the letter, this is around data provision into the UK’s “Open Banking” API where SAN is found to have had outdated or absent information for as much as the last seven years across 106 data fields.
  • SAN self-reported these failings to the relevant UK regulator and has already taken steps to address. The regulator indicated no further formal enforcement action but will continue to monitor “closely”.

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