Norway's Department of Finance has tasked the Financial Supervisory Authority of Norway with establishing and leading a working group to assess financial institutions’ duty of confidentiality, including whether it should be made time-limited. Banks and other financial institutions currently have an unlimited confidentiality obligation for customer information. The working group will also examine approaches to clarify the rules for transferring financial institutions’ archives to a preservation institution. The mandate follows up a recommendation in a 2024 consultation paper on financial institutions’ confidentiality duty for research purposes. The working group’s report is due to the Department of Finance by the end of 2026.
Department of Finance (Norway) 2025-12-12
Norway's Department of Finance instructs the Financial Supervisory Authority to lead a review of financial institutions’ customer confidentiality duty
Norway's Department of Finance has directed the Financial Supervisory Authority of Norway to form a working group to evaluate the time-limitation of financial institutions' confidentiality obligations. The group will also explore rules for transferring financial archives to preservation institutions. This initiative follows a 2024 consultation paper recommendation on confidentiality for research purposes.