Belfast Telegraph

Wednesday 20 August 2014

Santander fined £1.5m over cover controversy

Santander has been fined £1.5m by the City watchdog for failing to make clear to customers that some of its products had only limited cover under a compensation scheme.

The bank did not update literature for more than a year after customers started asking for clarification about whether two products were covered by the Financial Services Compensation Scheme (FSCS), which gives money back to investors when firms go under.

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