Santander fined £1.2 million by FSA
Spanish bank accused of failing to clarify compensation procedure
By CFOWorld.co.uk | CFO UK | Published 12:50, 20 February 12
Santander has been fined £1.5 million for failing to clarify compensation procedure on some of its products.
The Financial Services Authority said on Monday that the Spanish bank was fined for "failing to confirm under which circumstances its structured products would be covered by the Financial Services Compensation Scheme (FSCS)."
The regulator said Santander had sold around £2.7 billion worth of structured products - which are often complex savings products - between 2008 and the start of 2010 but had not adequately informed customers over the extent to which they could be compensated on them.
"Considering that sales of these products took place between 2008 and 2009, a time of financial uncertainty, Santander should have moved more quickly to confirm under which circumstances FSCS cover would be available," Tracey McDermott, acting director of enforcement and financial crime at the FSA, said in a statement.
Photo credit: Reuters
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