2011-05-20
PRESS RELEASE
Over a long period of time Skandinaviska Enskilda Banken (SEB) has missed breaches in funds held at the bank. SEB is therefore being issued a remark and penalty fee of SEK 2 million.
Good consumer protection on the fund market is dependent on functional depositaries. Depositaries shall, for example, regularly control how fund management companies are managing their funds in order to detect and counteract deficiencies.
Over the period 2005–2010 SEB was the depositary for more than 400 funds. Finansinspektionen (FI) found deficiencies and breaches in respect of both laws and fund rules in several funds held at the bank during this period that SEB had not identified despite conducting controls.
FI believes that the quality of SEB's controls has been insufficient and the bank therefore is receiving a remark and penalty fee of SEK 2 million.
SEB has recently taken a number of measures to rectify these issues.
