In this connection, Danske Bank has today accepted a fine of DKK 9,000,000.
“As expected, we have received a fine for this matter, which we accept. 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. Therefore, all affected customers have been contacted, and we have compensated more than 99%. We have taken several initiatives to handle the issue and make sure it does not happen again,” says CEO Chris Vogelzang.
The case relates to the Flexinvest Fri investment product. Danske Bank found, as previously announced, that customers who invested in the product during a certain period between 2017 and 2018 paid fees that were too high as a result of misguided management decisions. Danske Bank notified the Danish Financial Supervisory Authority (the Danish FSA) of this in October 2018 after Danske Bank’s internal control function became aware of the issue, and in August 2019, Danske Bank received a number of orders as a result of the Danish FSA’s investigation of the case.