A raised index finger to the financial services industry

Consumer Director Randi FleslandOslo. Consumer Director Randi Flesland.Photo: Vegard Wivestad Grøtt / NTB scanpix

Director of the Consumer Council Randi Flesland says the  forthcoming giant lawsuit against DNB is intended to serve as a cautionary warning to the financial sector.

The Consumer Council takes on the job of promoting Norway’s largest class action lawsuit against Norway’s largest bank. The bank has left 150,000 small savers paying NOK 690 million in excess fees  to three equity funds, says the Council.
– This is a fundamentally important issue and actually an action for future pensioners’ investments. They like to deposit their money in mutual funds. It is then clearly important to choose the right funds with correct fees, otherwise very much more of their returns will be gobbled up, says Flesland.
– This is therefore really a warning finger to the financial sector. We want to give the message that ethics are important and that banks should not deceive customers with high fees ,when it is actually possible to pay into equally good trusts with lower fees and thus get a better pension payout when the time comes, says Flesland.

Source: NTB scanpix / Norway Today

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