Danish FSA publishes executive order in fight against fraud

The Danish Financial Supervisory Authority (FSA) has published an executive order that sets the framework for collaboration on investigations in the fight against financial fraud.

It focuses on joint efforts in addressing fraud through special investigations that are initiated in certain scam cases.

The framework is “largely in line” with the insurance and pensions industries’ code, according to Forsikring and Pension.

“In the industry, we have set up a strict framework for investigations into cases of suspected fraud,” commented Forsikring and Pension deputy director, Thomas Brenøe. 

“We have this because we are concerned that customers and victims must be treated properly and with respect. 

“We have had a good dialogue with the authorities, and we are pleased that the executive order in many areas follows the line that the industry has already set itself. 

“We have been listened to in the framework that has now been set up. We are where we need to be - with a good and clear framework for the joint efforts against fraud.”

The FSA’s order also contains rules whereby certain measures and decisions on the special investigation must be decided at management level of private companies.

However, Forsikring and Pension warned that this kind of ‘retail management’ was a “serious mistake”.

“The authorities go completely wrong when the executive order sets requirements that certain measures and decisions must be discussed by the management of the companies,” Brenøe stated. 

“The companies' top management is in any case on target for the company's overall efforts against fraud, but must then have the opportunity to delegate tasks and decisions - just like in any other company.

“It is in principle an inclined plane with that kind of detail regulation. And above all, it makes no difference to the citizens, so we will clearly call on the government and the authorities to go another way.”

The executive order will come into force on 1 October 2021.

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