Solidar Fonder AB, the asset management company with AUM of some SEK20bn (€1.92bn) across 20 investment funds, has been hit with a SEK10m (€0.96m) fine from Finansinspektionen (FI), the Swedish Financial Supervisory Authority over failures to manage conflicts of interest regarding actions taken on behalf of unit holders, and failures in procedures, risk assessment and risk management. […]
The Swedish Financial Supervisory Authority, Finansinspektionen, announced on 13 November that it would introduce tougher amortisation requirements for homeowners, in light of concerns around household debt levels. Earlier this year the FI report Stability in the Financial System identified key concerns linked to house prices rising 40% over three years. FI director general Erik Thedéen […]
The Swedish Financial Supervisory Authority, Finansinspektionen, has proposed even tighter restrictions to ensure stability in the country’s PPM long-term savings platform, following on from initial proposals to tighten the rules from platform operator the Swedish Pensions Agency. Finansinspektionen’s director general Erik Thedéen has said in an interview with Sweden’s biggest financial daily Dagens Industri that there […]
The Swedish Financial Supervisory Authority, Finansinspektionen (FI), has re-iterated its strong opposition to commission payments from fund providers to intermediaries, as it outlined its key consumer protection priorities in its latest annual report. The report has also highlighted weaknesses in the country’s PPM system of fund self-selection, insurance-based products, and information provided around sustainability-focused products. […]
Swedish boutique Lannebo Fonder has won a case against regulatory authority Finansinspektionen at Sweden’s Supreme Administrative Court, in a case that has defined implementation of the so-called 5-10-40 rule for Ucits funds, and which means that now, four years after first applying for authorisation, Lannebo will be able to launch a new actively managed fund. The […]
Swedish hedge fund provider Catella has announced the implemenation of a perpetual high water mark on its Hedgefond fund, subject to regulatory approval. The fund has delivered an average annual return of 5.6% against average standard deviation of 2.6% since inception in 2004, the fund manager said. Local fund supermarket platform Fondmarknaden named it Hedge […]
The Swedish Investment Fund Association, Fondbolagens förening, has sharply criticised proposals put forward by the country’s financial supervisory authority, Finansinspektionen (FI), to ban commission based sales of financial products. FI’s report into the matter published earlier this month (http://www.fi.se/upload/43_Utredningar/20_Rapporter/2016/ett-nodvandigt-steg-sparandemarknad.pdf) came with a stark conclusion. “When consumers cannot judge either quality or price of a service […]
Nordea and Handelsbanken, two of the biggest banks operating in the Swedish market have been fined by the Swedish Financial Supervisory Authority, Finansinspektionen, for anti-money laundering failures. Nordea has been fined SEK50m (€5.4m), the maximum penalty allowed, and given a warning after FI said that “there is a high probability that if people have tried […]
The Swedish Investment Fund Association (Fondbolagens förening) is offering a rebated course for its members on the topic of current regulations as they affect the funds industry in 2015. The course is being organised by VJS for 17-18 February, with a rebate of 20% for those booking their attendance on the 18th alone, or 30% […]
Commission paid by providers in the fund industry in Sweden may be banned under proposals put forward in the conclusion of a major inquiry into the country’s securities industry, which started its work in 2013 and which has now reported its findings to the minister for Financial Markets Per Bolund. The inquiry has produced a […]
The Swedish Financial Supervisory Authority has hardened its line calling for a ban on commission paid to financial intermediaries.
Swedish insurers have welcomed a proposal for a Solvency II-based discount curve, but there are concerns that the curve could be distorted by speculators.