Frontpage News 2016 Danish financial a...

Danish financial advisors’ education given the seal of approval by the EU and the Danish Financial Supervisory Board

21 June 2016

When Danes meet with financial advisors to discuss buying or selling property, they can comfortably count on the advisor living up to new tough requirements from the EU and the Danish Financial Supervisory Board (the Danish FSA).
This is confirmed by the Danish FSA, which has formally recognized the existing education that financial advisors receive today, before they advise on financial affairs relating to purchasing property. Financial Services Union Denmark, which organizes bank employees, and the Danish Bankers Association, an interest organization for banks, are both pleased with this development and wish to increase the recognition of the value-adding advice that takes place in the financial sector.
“Our ambition is to ensure that consumers are as well-prepared as possible when they need to make financial decisions about important topics such as buying and selling property. So we are, of course, delighted that the Danish FSA confirms that educated bank employees are already at a level that fulfils new requirements from the EU,” says the Legal Executive Director at the Danish Bankers Association, Kenneth Joensen.
The Vice Chairman of Financial Services Union Denmark, Solveig Ørteby, emphasises that the approval reinforces the fact that employees within the financial sector are generally well-educated.
“The approval from the Danish FSA shows this and we are pleased with that. Bank customers should also be happy with this. Huge demands are made of the education level and at the same time we are completely aware of how competencies of employees in this sector must be continually maintained and developed,” says Solveig Ørteby, Vice Chairman of Financial Services Union Denmark.
The Danish FSA makes it clear in a draft of “Vejledning til bekendtgørelse om kompetencekrav til boligkreditgivere og boligkreditformidlere” (Guidance to the order on competency requirements for mortgage creditors and brokers) that existing bank educations, i.e. “financial economist” or an education from a bank or savings institution training programme, already fulfil the requirements that the new EU rules henceforth set for property consultants’ competencies.
Further information:
Financial Services Union Denmark: Kristian Lind, tel.: +45 6120 4214
The Danish Bankers Association: Nina Munch-Perrin, tel.: +45 3016 1006
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