FSA fines Santander 1.5m

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FSA fines Santander 1.5m

The Financial Services Authority (FSA) has fined Santander £1.5 million for failure to clarify the cover of its structured products under the Financial Services Compensation Scheme (FSCS).

Launched in 2008, the company failed to satisfy the legislative requirements of its structured products until January 2010.

Tracey McDermott, acting director of enforcement and financial crime at the FSA, said: "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."

She added that the group fell foul of principles 2 and 7 of the FSCS agreement, relating to skill, care and diligence in business, as well as communication with clients.

The news follows recent comments from Gail Goldie, product and marketing director at Santander Cards, who claimed there is an increasingly large section of society that is cutting back on its level of borrowing and is becoming more financially responsible in the present economic climate.

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