A stable, well-functioning financial market for allA stable, well-functioning financial market for allNews
2023
Monitor what your funds are costing you
Today, almost all households invest in funds, either directly through private savings or indirectly through our pensions. However, close to one third of fund savers are unaware of how high the fund fee is and many risk paying too much for their savings. We are, therefore, now publishing the most common fees for some popular fund categories to help consumers monitor what certain funds cost.
Fraudsters use Bitcoin as bait
It has become increasingly common for fraudsters to contact consumers by email saying there are cryptocurrencies registered at the person's email address. Consumers are told that these assets can be released for a fee. This is the conclusion of Finansinspektionen’s review of investment fraud cases during the third quarter of the year.
FI Supervision 27: Non-life insurance undertakings’ product approval processes
The process for product approval is central from a consumer protection perspective. It aims to ensure that insurance undertakings focus on consumer interests when they develop and maintain insurance products. In an in-depth analysis that Finansinspektionen has conducted, we have seen a number of good examples of how undertakings work with and apply this process.
Warnings for investment fraud continue to increase
Last year, Finansinspektionen (FI) published a record number of warnings of firms suspected of investment fraud. The trend continues. During the first half of 2023, the number of warnings increased by nine per cent compared to the same period last year.
Consumer Protection Report 2023
The risks given the highest priority in FI’s consumer protection work for 2023 are unaffordable lending, unsuitable investment products and investment fraud.
Open finance in Sweden
Digitalisation introduces both opportunities and risks to the financial market. After conducting a new survey, FI has noted that broader regulation on how customer data can be shared with third-party providers could make it easier for consumers to compare financial products such as occupational pensions and mortgages.
Report: Banks’ administration of amortisation requirement exemptions
Finansinspektionen has conducted a survey into banks' administration of amortisation requirement exemptions, as an assignment from the government. The survey shows that banks have primarily handled amortisation requirement exemptions well. Banks have improved their procedures for handling exemptions, which have increased due to increased pressure on households' finances and more widespread knowledge within society about the possibility of receiving an exemption. The banks' improved procedures are an adjustment to this change.
More common for fraudsters to say they work at authorities and companies
Fraudsters want to establish a credible façade to be able to deceive consumers. One way of achieving this is to make it look like the consumer is being contacted by a real authority or a real company. This then creates trust, enabling the fraudster to convince consumers to pay made-up fees. Finansinspektionen has seen several examples of this during the first quarter of 2023.
Rising interest costs putting pressure on mortgagors
Mortgagors are under pressure from rising interest rates. At the same time, the majority of new mortgagors continue to have good margins in their personal finances. These are the conclusions drawn by Finansinspektionen in this year’s Swedish Mortgage Market report, which is being presented today.
The Swedish Mortgage Market 2023
Mortgagors are under pressure from rising interest rates. At the same time, the majority of new mortgagors continue to have good margins in their personal finances. These are the conclusions drawn by Finansinspektionen in this year’s Swedish Mortgage Market report, which is being presented today.
No extra insurance needed when buying a TV
You do not need special insurance when buying, for example, a new TV or a dishwasher. This is the conclusion of our review of so-called gadget insurance, which is often offered in retail. If you have home insurance, you have good protection.
Is there a need for supplementary and gadget insurance?
Consumers’ need for supplementary insurance differs by age. Younger consumers have a greater need for this type of insurance, while older consumers often have little need for it. The need for gadget insurance is limited, and there is often no need for it at all. These are the conclusions of an in-depth analysis conducted by Finansinspektionen (FI).
Large increase in suspected cases of investment fraud in 2022
Despite the contracting economy and the uncertainty in both the Swedish economy and the world in general, investment fraud was on the rise last year. In 2022, FI issued 3,471 warnings – 25 per cent more than in 2021. One new observation during the year is that fraudsters more frequently demand payment in bitcoin to avoid detection.
2022
2022:1 Asylum seekers’ access to financial services
In this document, FI states its position on asylum-seeking refugees’ access to financial services in cases where the asylum seeker is lacking identity documents. The position replaces FI's previous memorandum (FI Ref.16-2898).
Greatest risk for repayment problems at so-called instant loan firms
One out of six who borrow from a consumer credit institution, previously called instant loan firms, receives a collection notice. Among all lenders, one out of five unsecured loans was approved for a person who does not have any money left after paying their monthly subsistence costs. Given the expected economic development – high inflation and higher interest rates – this percentage could increase to every third borrower. All of these observations indicate that credit assessments are insufficient. This is the conclusion of a consumer credit survey that FI is presenting today.
Swedish Consumer Credit
A large portion of Swedish households’ loans is for their homes. But the households also use loans to finance some of their consumption. Consumption credit has grown rapidly in recent years. In terms of SEK, unsecured loans represent the largest share of consumer credit. In terms of volume, invoices are the most common form of consumer credit. These are some of the conclusions from Finansinspektionen’s (FI) survey of new consumer credit with data from 2021.
SIP Nordic receives a warning and an administrative fine
SIP Nordic Fondkommission AB (SIP Nordic) is receiving a warning and must pay an administrative fine of SEK 6.7 million.
Celina Fondförvaltning receives warning and administrative fine
Celina Fondförvaltning AB (Celina) is receiving a warning and must pay an administrative fine of SEK 10 million.
Do you need insurance for your new TV?
When purchasing a mobile telephone, TV or appliances, for example, you often receive an offer to buy insurance for the newly purchased item. FI will now review whether so-called product insurances create unnecessary costs for customers without providing extra protection.
Do loyal policyholders pay more?
Finansinspektionen has analysed whether loyal policyholders pay higher premiums for the three non-life insurance products that are most important for consumers: home insurance (contents), home insurance (building) and private car insurance. The analysis shows that premiums for home insurance (contents) are raised significantly more for loyal customers than for new customers. The premiums for home insurance (building) also are raised more for loyal customers, but this does not apply to private car insurance.
Svea Bank receives a remark and an administrative fine
Svea Bank is being issued a remark and must pay an administrative fine of SEK 45 million.
Resurs Bank receives a remark and an administrative fine
Resurs Bank is being issued a remark and must pay an administrative fine of SEK 50 million.
Svea Bank and Resurs Bank receive remarks for insufficient credit assessments
Svea Ekonomi, which has now merged with Svea Bank, and Resurs Bank have been deficient in their credit assessments of consumers who received large unsecured loans. Both banks are therefore receiving a remark and an administrative fine of SEK 45 million and SEK 50 million, respectively.
FI would like to see data on declined bank accounts
Finansinspektionen views seriously the complaints from consumers who have been denied a bank account, and the authority is now encouraging banks to carefully maintain data on how many people are experiencing problems opening an account. This data will give a clearer overview of the situation and help find solutions.
Nordnet Bank receives a remark and an administrative fine
Nordnet Bank is being issued a remark and must pay an administrative fine of SEK 100 million.
Nordnet receives a remark and an administrative fine
Finansinspektionen (FI) is issuing Nordnet Bank AB a remark for violations related to the bank's intraday short selling service. Nordnet must also pay an administrative fine of SEK 100 million.
FI appoints auditor after IT incident at Swedbank
Finansinspektionen (FI) is appointing an auditor to map the IT incident that occured at Swedbank AB during the night between 28 and 29 April and resulted in incorrect balances being shown in customers’ accounts.
Discussion with banks on the right to open payment accounts
Finansinspektionen has invited several banks to a roundtable discussion on Friday, 20 May, on the right to open payment accounts. The background is that the number of complaints FI is receiving from consumers who are being denied a payment account is increasing. Some also have their accounts blocked or closed.
