Discrepancy between investment agreement and profile
We are strengthening our controls and updating our processes for how investment agreements are registered to prevent similar errors from occurring again.
In December 2020, we begin to inform the 600 affected customers across the Nordic region about the discrepancy between their investment profile and their agreement that has arisen due to an error in manual registrations and invite them to an investment meeting to ensure alignment between their agreement and profile.
Furthermore, Danske Bank starts contacting around 1,900 customers for whom there are discrepancies between their investment profile and the investment agreement. For these customers, the discrepancies are not a result of incorrect manual registrations. In this case the discrepancies may be the result of customers having their investment profiles updated during an advisory meeting – and subsequently not returning a signed investment agreement to Danske Bank.
In November 2020, Danske Bank begins to review customer cases to identify for which customers there is a discrepancy between their investment agreement and their investment profile due to a registration error made by Danske Bank.
In connection with an extensive review of customers’ investment agreements and investment profiles in September 2020, we identify a number of cases in which incorrect registration of investment agreements has resulted in discrepancies between the customers’ investment agreements and their investment profiles. An internal review is initiated to understand the root causes and scope of the issue.
We also begin strengthening our controls and updating our processes for how investment agreements are registered to prevent similar errors from occurring again.
Press releases on the issue:
11 Dec 2020: Danske Bank contacts customers about errors in investment agreements
22 Oct 2020: Danske Bank is strengthening remediation efforts
You can also visit our news archieve or see supervisory reations