Spain fines Deutsche Bank US$10 million for client advice on forex derivatives

SPANISH supervisors said on Monday (Feb 10) they had fined Germany’s Deutsche Bank US$10.32 million for infringements related to advice given to Spanish clients on financial instruments based on currencies.

Deutsche Bank said it would appeal the ruling and that it had improved its controls and processes.

Last year, Spain’s CNMV stock market supervisor opened disciplinary proceedings against Deutsche Bank over what it alleged were two “very serious infringements” for episodes that occurred between 2018 and 2021.

They included missteps in the duty of disclosure to clients and breaching the duty of acting in the best interest of clients.

The fine, while not costly, is embarassing for Germany’s largest lender, which has been trying to improve its reputation after years of lapses.

The Financial Times earlier reported on the fine. REUTERS