Watchdog Probes Danske Over Inaccurate Debt Collecting

Law360, London (September 2, 2020, 3:32 PM BST) -- Denmark's financial watchdog has launched an investigation into whether Danske Bank failed to rectify problems with its IT system that forced thousands of customers to overpay their outstanding debt over several years.

The Financial Supervisory Authority said it has given the lender until Sept. 10 to answer a series of questions about handling errors with its "debt collection system," which meant the Danish lender had collected outdated or excessive debt from borrowers, the regulator said in an announcement on Tuesday.

Danske said on Monday that the problems were caused by errors within its information technology systems and that account holders would...

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