Danish regulator reports three banks to police

Danish regulator Finanstilsynet (Danish FSA) has asked for a police investigation into the activities of three institutions – Jyske Bank, Sparekassen Limfjorden and Vokslev Sparekasse – accusing them of failing to provide proper information on loans and interest rate charges, as required by law.

The regulator’s action comes after its own investigation into the online practices of regulated financial institutions. In particular it found irregularities around the provision of information for retail customers looking for loans online via lenders’ websites.

Finanstilsynet said it investigated 30 websites and that it was likely to report more banks to the police on the basis of the failures identified.

Jyske Bank, which claims to be Denmark’s second biggest independent bank with some 116 Danish branches, said through its chief executive Anders Dam a couple of days ago that it was keen to pursue further acquisitions by next year. In 2011 the bank acquired assets of other failed Danish banks, as the Danish government pushed the banking sector towards further consolidation.

Sparekassen Limfjorden and Vokslev Sparekasse are savings banks, with roots going back to the 19th Century.

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