The Finnish Financial Supervisory Authority has hit hard four financial enterprises for sloppy advice to customers in old age, media reported on Wednesday.

BanksThe highest penalty, one million euros (1.05 million U.S. dollars), was levied on Nordea Bank. The sum is the largest the authority can demand.

The Helsinki Region Cooperative Bank had to pay 400,000 euros. Two other companies paid lesser fees.

The institutions did not check the investing experience of their clients, as required by the law. Documentation of advice given was also insufficient.

The investigation focused on financial advice targeting those over 70 years old in 2015. In one case, a 90-year-old Nordea customer sold his two million euro investments and purchased Nordea instruments. The transaction caused a 100,000-euro tax that the customer did not know in advance.

The banks have said they have corrected their operations already. (1 euro = 1.05 U.S. dollars) Enditem

Source: Xinhua/


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