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Santander UK has been fined £32.8m by the Financial Conduct Authority (FCA) for failing to properly process the accounts of deceased customers.

Santander did not transfer funds totalling over £183m to beneficiaries when it should have done, affecting a total of 40,428 customers directly.

And, after it became aware of the issues, the bank failed to disclose the problems to the FCA.

The FCA said the problems "took too long" to be identified and fixed.