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Finnish watchdog warns Nordea over payment delays
March 7, 2014 / 7:32 AM / 4 years ago

Finnish watchdog warns Nordea over payment delays

HELSINKI, March 7 (Reuters) - Finland’s financial industry watchdog issued a warning to the Finnish subsidiary of Nordea , the biggest bank in the Nordic region, for repeated delays in transmitting bank payments.

The Financial Supervisory Authority said in a statement Nordea Bank Finland breached the Finnish payment services act and failed to fix its systems during 2011-2013.

“In many cases, the disruptions involved tens of thousands of payments,” the authority said.

Other Finnish banks had only individual payment delays during the period and thus did not breach the law, it said.

Finnish law requires that salaries and pensions must show in customers’ accounts during the due date.

The watchdog said Nordea had since partly corrected the problems and no delays in breach of the law had occurred since July.

Nordea said in a statement it would make further system improvements to prevent any delays in the future. (Reporting By Jussi Rosendahl. Editing by Jane Merriman)

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