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Danish FSA to submit draft report on Danske's overcharging case to police

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Danish FSA to submit draft report on Danske's overcharging case to police

The Danish Financial Supervisory Authority is working on a draft report into Danske Bank A/S' overcharging of clients that it will submit to Danish police, Reuters reported, citing a spokesman for the regulator.

The overcharging case, which led to the dismissal of Danske's former interim CEO Jesper Nielsen, has impacted customers who invested in its Flexinvest Fri product. The FSA is probing Danske for failing to notify customers that it expected the investment product to perform poorly and for continuing to offer it to new clients, the newswire noted.

The bank has pledged to compensate the 87,000 customers who invested in Flexinvest Fri before 2019-end and said it expects the total compensation to reach 400 million Danish kroner.

The draft report will require approval by the FSA's management before it will be handed over to the police, Reuters wrote, citing Danish newspaper Jyllands-Posten.

As of Aug. 21, US$1 was equivalent to 6.72 Danish kroner.