Result

2024

FI Supervision 29: Advisors are not taking customers’ sustainability preferences into account

Six out of ten say that sustainability is important when saving money. Advisors at banks, investment firms and insurance intermediaries have an obligation to take into account consumers’ sustainability preferences. This does not always happen. Instead, many consumers currently face a risk of investing in products that do not correspond to their expectations when it comes to sustainability. This is the conclusion FI draws from its analysis, and we are now encouraging firms to devote a special focus to this topic.

FI Analysis No. 42: Gender differences in investment behaviour

2024-03-18 | Reports News Consumer

The study confirms previous results showing that women are underrepresented in the stock market. The differences arise as early as three years of age, which shows that adults more often buy stocks for boys than for girls. We also see that men generally have larger stock portfolios than women throughout life, although women increase their stock wealth later in life.

Interest rate puts pressure on indebted households

2024-03-07 | Mortgage Reports News

Households continue to be under pressure from both higher interest rates and other costs. This is evident in FI’s mortgage report, which is being published today. The report looks at new mortgagors during the autumn of 2023. We can see that there are fewer mortgagors than in previous years. Home buyers also bought slightly less expensive homes and borrowed slightly less. Total lending to households has stagnated, but despite this household indebtedness continues to be high.

Comprehensive overview is important when changing the conditions on the housing market

2024-02-22 | Mortgage Reports News

FI has received an assignment from the Government to assess an increase in the loan-to-value (LTV) cap from 85 to 90 percent. At the same time, the Government proposes phasing out the tax deductibility for unsecured loans. We assess that an increase in the LTV cap would lead to higher household indebtedness and an increase in associated risks. This assessment holds even if interest rate deductions for unsecured loans are phased out. We also take the position that it is appropriate to await the results of the ongoing inquiry into both the LTV cap and the amortisation requirement and consider any changes to the measures comprehensively.

Our supervision priorities for 2024

Are consumers being offered the right services on the financial market? How is the sector delivering crucial services in an uncertain global environment? How are financial corporations protecting themselves from being used for criminal purposes? These are some of the questions we will focus on in our supervision this year.

Moa Langemark is FI’s new consumer protection economist

2024-01-31 | News Consumer

A clear and independent voice is needed to help consumers on the financial market. Moa Langemark will now take on the role of consumer protection economist at Finansinspektionen. She will undertake overall responsibility for supporting and developing our consumer protection work. Together with Director General Daniel Barr, Moa will also be FI’s spokesperson in consumer protection-related matters.

2023

Monitor what your funds are costing you

2023-11-15 | Funds News Consumer

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

2023-10-25 | Frauds News Consumer

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

2023-09-21 | Reports News Consumer

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

2023-08-16 | Frauds News Consumer

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

2023-06-28 | Fintech Reports News

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

2023-04-19 | Frauds News Consumer

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

2023-03-28 | Mortgage News Stability

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

2023-01-24 | Frauds News Consumer

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.

News

2023-01-17 | Consumer

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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

2022-12-21 | News Consumer

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

2022-12-21 | Reports Consumer

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

2022-11-18 | News Consumer Markets

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

2022-11-16 | News Consumer Markets

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

2022-06-22 | Sanctions Consumer Bank

Svea Bank is being issued a remark and must pay an administrative fine of SEK 45 million.