FI and total defence

New structure for the civil defence
Since the autumn of 2022, Sweden’s civil defence has been divided into ten new preparedness sectors and six civil areas. The preparedness sectors are divided by function, for example financial services, food supply, transport, and energy supply. The civil areas are divided geographically. The preparedness sectors are led by a sector-responsible authority, and the civil areas are led by a civil area-responsible county administrative board.

Finansinspektionen’s assignment as a sector-responsible authority
As a sector-responsible authority, FI should lead the work by coordinating measures in the financial services preparedness sector prior to and during peacetime crisis situations and heightened states of alert. This means that FI should ensure the coordination of measures taken by FI and the Swedish National Debt Office. FI should also support the Swedish National Debt Office, also a preparedness authority, and promote clarification of tasks and roles between the two authorities. We should also cooperate with the Riksbank.

In addition to this, FI should also work to ensure that the preparedness measures taken within the financial services sector are coordinated with other preparedness authorities, including county administrative boards and civil area-responsible county administrative boards and the Swedish Armed Forces. In addition, FI should cooperate with the private sector to the extent required.

Cooperation with private actors and authorities in the sector occurs largely through the cooperation structure for financial services, where meetings for different levels of the structure are held four times a year: manager and coordinators.

War and crises
The preparedness sectors should work to ensure enhanced preparedness for war but also for different types of crises that could occur, such as societal crises (e.g., natural catastrophes or pandemics), geopolitical crises (e.g., cyber attacks on Swedish banks as part of hybrid warfare from an external power), or serious military security crises or war in neighbouring countries (where the Government has not yet decided on a heightened state of alert due to the high risk of war in Sweden).

Preparedness classes and the cooperation structure within the total defence – in other words, preparations for war – should be designed to also be used to manage peacetime crises. If the sector establishes a solid total defence, good crisis preparedness will follow as a natural side effect.

Crucial operations
One example of a crucial operation within the financial sector is the payment system. A major interruption at one of the major banks, or the one of the infrastructure companies, would entail a risk of far-reaching damages for Sweden’s economy and other crucial operations.

During war and crises, the risk of disruptions increases sharply. A central task for the sector, therefore, is to take measures that to the greatest extent possible prevent, for example, the payment system from shutting down. The ability to make prioritised payments during heightened states of alert is a requirement for society's ability to function, supply readiness, and defence efforts.

In addition to payments, savings and financing, insurance, and the capital market have been identified as crucial operations within the sector.

Cooperation with the Riksbank
On 1 January 2023, a new Riksbank Act entered into force. This law allocates to the Riksbank the responsibility of ensuring that the public can make payments during peacetime crisis situations and during heightened states of alert.  As part of this responsibility, the Riksbank may issue regulations that target firms in the payments area. The Riksbank should coordinate, among other things, firms’ work related to planning for peacetime crisis situations and heightened states of alert, the organisation of training courses and exercises, and, if needed, activating a management function for coordination and information sharing during a peacetime crisis situation or heightened state of alert. The Riksbank should also monitor that firms are fulfilling their obligations.

Through the sector-responsible role and the Riksbank Act, FI and the Riksbank share overlapping responsibility. They have therefore signed an agreement that regulates their cooperation on matters of civil preparedness.

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