In October 2018, Danske Bank notified the Danish Financial Supervisory Authority (the FSA) about the Flexinvest Fri case. The FSA has now investigated the case and has issued a decision containing a number of orders. Danske Bank has taken note of the orders and will take the steps necessary to ensure compliance with them. The FSA has also filed a criminal complaint against Danske Bank.
“As expected, we have received harsh and justified criticism from the FSA,” says CEO Chris Vogelzang. “When we became aware of the problem in autumn 2018, we launched a thorough investigation and notified the FSA. Our customers must be able to trust that we have their best interests in mind and that we provide correct and adequate information and advisory services to them. We have not lived up to this in this case. Consequently, we have taken a number of actions, including actions towards relevant staff members, and all affected customers will of course receive compensation. Among other initiatives, we are reviewing our investment products and procedures. We are taking every step necessary to prevent something similar from happening again in the future and to comply with the orders issued by the FSA.”
All affected customers are expected to have received compensation before the end of the year.
Danske Bank cooperates fully with the authorities, but cannot comment on the criminal complaint as long as the police is investigating the case.
The orders issued by the Danish FSA to Danske Bank A/S and a summary of the criminal complaint have been published at finanstilsynet.dk.
We also refer to company announcement no. 13 and press release dated 24 June 2019, in which the case is described in more detail.
Contact: Acting Group Press Officer Karl Kjær Bang, tel. +45 45 14 14 00