Danske Bank Takes $1.4M Hit For Flexinvest Breaches

Law360, London (November 3, 2020, 6:15 PM GMT) -- Danske Bank A/S said Tuesday that it has been fined 9 million Danish kroner ($1.4 million) for violating investor protection laws by overcharging customers who put money into a low-performing managed account.

The Danish Financial Supervisory Authority fined the lender for overcharging customers who invested in its Flexinvest Fri product between 2017 and 2019. Danske Bank had said that it failed to tell account-holders that it expected the net return for one of its accounts to be negative, making it a poor choice for savers seeking low-risk investment strategies.

The bank said Tuesday that it has accepted the fine. Danske said...

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