This content is from: Local Insights

Denmark

In 1994, the Danish Consumer Ombudsman, after consultations with the Bankers' Association, issued ethical guidelines for financial institutions' advice to individual customers.

The interpretations of the guidelines have been under discussion, but now the Consumer Ombudsman and the Bankers' Association have agreed on revised, clarifying interpretations of the guidelines.

The interpretations include an obligation on banks to advise customers if they can offer alternative less expensive services.

The new set of rules is expected to come into force on October 1 1997.

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