The Financial Supervisory Authority of Norway has initiated a supervisory review of the retail deposit market, requesting information from a representative sample of banks on deposit product interest rate terms and related consumer-facing practices. The exercise follows a request from the Ministry of Finance to assess whether the current regulatory framework sufficiently safeguards consumer interests. Banks are asked to answer detailed questions on product oversight and governance, including whether they have formal approval processes aligned with the European Banking Authority guidelines on product oversight and governance for retail banking products, defined target markets, tested suitability (including identifying customer groups for whom a product is not appropriate), and conduct ongoing monitoring throughout the product lifecycle, including for products closed to new sales. The request also covers pre-launch testing under different market conditions, product changes resulting from monitoring, advisory routines during the customer relationship (including when advice is given without a customer request and whether advice varies by customer group), and complaint handling on deposit pricing or advice, including the number of related cases brought to Finansklagenemnda in 2024 and 2025. Supporting documentation includes an inventory of consumer deposit products offered (including closed products), an overview of rates and fees including all price changes from 2020 with effective dates, deposit volumes by account type as of end-September 2025 (including breakdowns by rate tier where relevant), the latest periodic follow-up for specified account types, and relevant internal policies and procedures. Finanstilsynet requested responses by 12 December 2025.
Norwegian Finanstilsynet 2025-11-21
Financial Supervisory Authority of Norway launches bank survey on consumer deposit pricing, advice and product governance
Norway's Financial Supervisory Authority has launched a review of the retail deposit market, seeking detailed information from banks on interest rate terms and consumer practices. This follows a Ministry of Finance request to evaluate the regulatory framework's effectiveness in protecting consumer interests. Banks must provide data on product oversight, governance, and consumer interactions, including advisory routines and complaint handling.