Finanstilsynet, Denmark

The Danish FSA, also known as the Finanstilsynet, is the regulatory agency for the supervision and licensing of financial entities in Denmark.

It was created in 1988 following the merger of the Insurance Supervisory Authority and the Supervisory Authority for Banks and Savings Banks. It had more responsibilities added to its remit when it took over from the Supervisory Authority for Mortgage Credit Institutions in 1990.

The Danish FSA is responsible for the smooth functioning majority of Denmark’s financial system, which includes banks, securities markets, money brokers, payment systems, stock exchanges, insurance, pensions, fund management, investment companies, auditors, and all financial market participants that deal with the financial system of the country. Forex brokers, CFD dealers, and businesses that provide a multitude of OTC products come under the direct regulation of the Danish FSA.

1. Safety of Client Funds：

An investment firm shall, when holding funds belonging to clients, make adequate arrangements to safeguard the rights of clients and, except in the case of credit institutions, prevent the use of client funds for its own account.

2. Requirement on Forex Brokers' Reports：

Audit Reports; Anti-money laundering Reports.

Generally speaking, Danish FSA-regulated broker profile will be found at the Company Register page on Danish FSA website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as below:

1. Find the FT-ID or name of the forex broker, which you can get from the broker's website; 

2. Enter the FT-ID or name into the search bar on https://virksomhedsregister.finanstilsynet.dk/index-en.html ;

3. And you'll get the broker's contents on Danish FSA website. At this time you need to check the 'Company Type' and 'Modes of presence': check if the broker belong to 'Investment firms' and has the authorization to provide 'B5, Part C, 9): Financial contracts for differences' or 'B4, Part B, 4): Foreign exchange services where these are connected to the provision of investment services' ;

If the broker is an EEA authorised firm, you need to check further information in its home state regulator.

Danish FSA does not accept complaints, investors can communicate with financial companies first.  If you are not satisfied with their response, you can complain directly to the Danish Complaints Commission.  

Danish Banking Services Complaints Board website: https://fanke.dk/en-front/ 

Other Financial Services Complaints Commission website: https://www.finanstilsynet.dk/Forbrugerinformation/Her-kan-du-klage