Nordea comments on Danish FSA’s follow-up decision on debt collection

Nordea has received the Danish FSA’s follow-up decision in connection with the eight orders previously received by the bank for errors in the collection of overdue debt. The Danish FSA considers that Nordea has followed up with relevant measures in relation to all orders and at the same time asks for an external review of three orders which require special technical insight to assess.

Nordea has followed up with relevant measures in relation to the eight orders received by the bank on 26 September 2023. This is the assessment of the Danish FSA in a reply today based on Nordea’s report.

In its decision the Danish FSA also writes that it cannot test the adequacy of all the bank’s initiatives because this requires in-depth knowledge and professional expertise in relation to rules and provisions, data handling and control of IT systems for three of the eight orders. This review is outside the scope of the Danish FSA’s ordinary activities and field of competence and responsibility. Nordea must consequently appoint and pay the costs for an external reviewer to independently confirm the bank’s actions. 

“I am pleased that the Danish FSA notes that we have followed up on all orders with concrete measures. There should be no doubt that we are fully focused on correcting and compensating our customers for the errors we have committed. We are working closely together with the Danish FSA and will ensure that the external impartial experts can look into the aspects of our work that require specialised technical competencies which the Danish FSA does not consider to be within its core area of professional competence,” says Mads Skovlund, Head of Personal Banking and Country Senior Executive at Nordea in Denmark.

Nordea will cooperate with the Danish FSA to ensure that the external review is conducted by qualified, impartial experts.

Read the Danish FSA’s decision via this link