Santander has been fined £1.5m for being too slow to explain to customers whether investments were covered by a financial safety net. The Financial Services Compensation Scheme (FSCS) guarantees the safety of some savings if a financial institution goes bust. Customers began to query at the end of 2008 whether some of Santander's investment products were covered. But Santander did not tell them until 2010 that FSCS cover was limited. During that time, Santander sold £2.7bn of these products - known as structured products. The Financial Services Authority (FSA) said that the bank was not quick enough to confirm whether these were...Read more here--: Santander fined £1.5m by FSA over investment cover