Regulatory Alerts2026-06-19
Order to Saxo Bank A/S to change its terms and conditions for changes to interest rates, fees, and other remuneration
The Danish Financial Supervisory Authority has ordered Saxo Bank A/S to amend its general terms and conditions concerning interest rates, fees, and other remuneration to comply with Section 6, subsection 4, of the Executive Order on good business practice for financial undertakings. The Authority found Saxo Bank's current terms, which allow for changes without prior notice in certain "external circumstances," to be non-compliant, as these situations do not represent a direct, immediate, and compelling need for such changes, but rather business decisions. Saxo Bank must provide at least one month's notice for unilateral changes to the detriment of customers, as consumer protection takes precedence over the bank's business model, unless a specific one-to-one interest rate change clause is contractually established.