Saxo Bank ordered to fix deficient investment-product governance
Company: Saxo Bank A/S
Summary
The Danish Financial Supervisory Authority found Saxo Bank's organization and procedures for product approval and governance of investment products and services inadequate. The authority said the bank had unclear governance, insufficient reporting, inadequate procedures for checking whether products were sold to the intended target market and too high a tolerance for mis-selling. In October 2023 the authority ordered Saxo Bank to establish adequate product-governance and approval procedures. Source: https://www.finanstilsynet.dk/tilsyn/inspektion-og-afgoerelser/2023/okt/saxo-bank_051023