Finansinspektion (FI) immediately withdraws the authorisation for Exceed Capital Sverige AB. Under FI’s decision, the company loses all its authorisations and may no longer conduct regulated business. The decision will be presented by FI Director General Erik Thedéen and Chief Legal Counsel Eric Leijonram at a press conference today, Tuesday, 2 June, at 2:00 PM.
The sanction decision was made by FI's Board of Directors at an extraordinary meeting today.
Exceed is an investment firm whose operations consist primarily of consumer advice on financial instruments through both own advisors and tied agents. The company has around 10,000 customers and approximately 40 employees.
FI's investigation shows that Exceed has continuously breached key customer protection rules within securities legislation. One example of this is that Exceed has advised customers, who are often older, to invest their savings in very complex and risky products without ensuring that they have had the necessary knowledge about the large risks. Another example is that the information that Exceed provided to its customers regarding fees was directly misleading.
When providing advice to consumers for these types of products, which are complex and risky, the requirements are set high. The products are not appropriate for everyone; firms carry considerable responsibility for ensuring that a product does not end up with the wrong consumer. The investigation shows that Exceed has failed in its responsibility, and this is serious.
As a result, Exceed has not demonstrated the duty of care towards its customers that is required by law. The company also hindered FI's work during the investigation.
"This is a clear example of dishonest advice that is not based on what is best for the consumer," says FI's Director General Erik Thedéen. "And an investment firm that does not demonstrate the duty of care for its customers should not be on the market."
As a result of the decision, Exceed may no longer offer investment advice and the regulated business activities will be discontinued in an orderly manner.
All customers will now be contacted and receive more information from Exceed about how the winding up process will take place.
Time and date: Tuesday, 2 June, 2:00 PM
Place: Finansinspektionen, Brunnsgatan 3, Stockholm
The press conference is only for representatives from the media, but it will be broadcast live on FI's website.
Due to the COVID-19 virus, the following applies to visitors to FI:
Thank you for your cooperation.