Billet

Bad advice in finance can have a devastating impact on people.
This is a campaign for real change



FlexInvest Fri

In 2019, the Danish Financial Supervisory Authority announced it was conducting an investigation of Danske Bank’s advice to consumers investing in its Flexinvest Fri Product, following revelations by Danske Bank that large number of consumers were given incorrect advice on this portfolio management product.

In a press release issued in June 2019, Danske Bank admitted that the fees associated with the portfolio management product were too high, compared with the returns consumers could expect to get in a low-interest environment. The high fees meant that the product was “unsuitable for some customers.” Danske Bank announced that it would compensate 87,000 Danish clients for the excessive fees associated with the product. The lender is estimated to owe Danish consumers a total of 400m kroner in compensation.