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Danish prosecutor charges Danske Bank for overcharging customers

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By Reuters
Danish prosecutor charges Danske Bank for overcharging customers
FILE PHOTO: A Danske bank sign is seen on a bank's headquarters in Copenhagen, Denmark October 22, 2019. REUTERS/Nikolaj Skydsgaard   -   Copyright  Reuters Staff(Reuters)
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COPENHAGEN (Reuters) – Danske Bank <DANSKE.CO> said on Thursday it has been preliminary charged by the Danish prosecutor for overcharging customers for an investment product.

“We agree that this is a serious matter and that we have not lived up to what our customers should rightfully expect of us,” Chief Executive Chris Vogelzang said in a statement.

Denmark’s financial watchdog reported Danske Bank to the police in August.

It said the bank had failed to inform customers that it expected a poor performance from its Flexinvest Fri investment product and for continuing to sell it to new customers after raising fees associated with it in 2017.

(Reporting by Jacob Gronholt-Pedersen; editing by Jason Neely)