I worked on this topic recently so I'm absolutely sure of the answer :
Let's say you've got a managed speed target at 250kt (typically it's "speed limit")
The FMGS does not automatically limit the speed target to VMAX (which I initially thought true)
The FMGS (actually the FG subpart) will limit the speed to VMAX.
This means you will get a speed target at 250kt (displayed on the PFD) but the FG will typically pull up (open climb mode, for instance) to limit the speed to VFE.
However, what could happen is a wind gradient making your speed increase above VFE. Then the flaps loads relief system will trigger and retract to the flaps to a * conf.
This answer was given by an airbus test pilot from the "design" test pilots team, he's working in close relation to the engineers.
However I'm only certain for the 330.
The 320 might work differently.
IIRC, it's in FCOM DSC22-30-40.
Actually I don't think the 320 has an FLRS (not that I know of at least) so we must be talking about the 330.
Could we all clarify which aircraft we're talking about ?