The Danish Financial Supervisory Authority (FSA) today announced the findings of its inspection of Saxo Bank conducted in March 2026.

The inspection focused on the bank’s product management and suitability assessment of customers.

The requirements for product management imply that banks must have arrangements that ensure that the financial products offered by the bank are compatible with the needs and characteristics of the target group, etc. This is to ensure that banks only offer and recommend products when it is in the customer’s interest.

According to the requirements for suitability assessment, banks must obtain information about the customer’s knowledge and experience when selling complex products without advice. On this basis, banks must assess whether the product in question is suitable for the customer and, if not, inform the customer of this.

The inspection was part of a thematic inspection in which four banks (including Saxo) were examined.

The bank’s business model is characterised by a high risk profile and a high range of complex and risky financial products to retail investors through trading without advice. Therefore, the bank’s approach to appropriateness assessments is central to protecting and informing customers who invest through the bank.

The inspection showed that the bank’s management reporting and analysis of sales of products to customers outside the target group are not sufficiently accurate. This entails a risk that the bank, for example, sells risky products to customers with a limited risk appetite.

The Danish FSA has therefore ordered Saxo Bank to strengthen its product management so that the bank can fairly assess sales to customers outside the target group of the products, follow up on mis-selling and ensure that the products are sold to the right target group.