PRESS RELEASE
Finansinspektionen is warning three firms for material deficiencies in their operations. Case, an investment firm, Marginalen, a bank, and Maxima, an insurance intermediary, are all receiving warnings and administrative fines.
FI has announced today that warnings and administrative fines will be issued to three financial institutions for material deficiencies in their operations.
Case Asset Management has demonstrated material deficiencies in its operations. The company has made transactions on behalf of its funds with a number of closely related companies without clear guidelines for identifying and handling the conflicts of interest that could arise. The company has had inadequate and deficient control functions and its fund management has invested in a number of prohibited assets. The deficiencies are material and the company is therefore receiving a warning and an administrative fine of SEK 2.5 million.
Marginalen Bank Bankaktiebolag has demonstrated material deficiencies in its handling of credits to closely related persons and undertakings. Senior management has decided itself on credits to closely related firms and the Board of Directors has improperly delegated the decision-making right for such credit. In June 2009, Marginalen Bank (then Finans AB Marginalen) received a remark for problems related to its credit management. The fact that the bank still has similar deficiencies is striking and the bank is therefore receiving a warning and an administrative fine of SEK 20 million.
Maxima Finans & Försäkringsmäklare has demonstrated a number of deficiencies in its operations. The company has not fulfilled the information and documentation requirements and has had deficiencies in its work to prevent money laundering. The company has also not carried out controls of its employed intermediaries, which has resulted in the intermediaries not having skills that are appropriate for the business that is being conducted. The deficiencies as a whole are material and the company is therefore receiving a warning and an administrative fine of SEK 400,000.
