Regulations and General guidelines regarding financial advice to consumers
In force from: 1 July 2004
Summary
Finansinspektionen imposes stricter competence requirements for financial advisors. The advisors will also be obligated to advise the consumer against unsuitable investments. The advice shall be provided to the customer in writing.
Through these new regulations, which are a result of new legislation in the area, there is increased responsibility on the part of the undertakings that provide financial advice in conjunction with the sale or brokerage of shares, CIU units or pension insurances.
The regulations mean, among other things, that the advisor's knowledge shall be adapted to how complicated a savings format or investment is, and to the customer's requirements. The undertaking is responsible for ensuring that the advisor's knowledge is verified through a proficiency test that has been approved by an independent party.
Amendments
Regulations amending Finansinspektionen’s regulations and general guidelines (FFFS 2004:4) regarding financial advice to consumers
FFFS 2007:20
