Finansinspektionen (FI) has decided that Hoylu AB (Hoylu) must pay an administrative fine of SEK 2.1 million due to deficiencies in following the EU Market Abuse Regulation (MAR). Hoylu, a company in the field of communication, is an issuer listed on Nasdaq First North.
Finansinspektionen (FI) considers the firms in the Swedish financial system to have sufficient resilience for withstanding a weaker economy. However, commercial real estate firms are vulnerable to shocks. FI therefore makes the assessment that the banks need more capital for these exposures. This is one of the conclusions in FI’s first stability report for the year, which is being presented today.
New mortgagors are amortising, borrowing less and buying less expensive homes, but many still have high debt. These are FI’s conclusions in this year’s mortgage report. FI is also publishing an FI Analysis that shows the stricter amortisation requirement has reduced the percentage of borrowers with high debt in relation to their income.
FI is issuing Avanza Pension a warning for insufficient management of technical provisions and reporting. Avanza Pension must also pay an administrative fine of SEK 35 million.
“The assertion that Finansinspektionen (FI) supposedly manipulated public documents related to money laundering investigations and that were requested by the newspaper Svenska Dagbladet is incorrect,” says FI’s Director General Erik Thedéen. An internal legal assessment that FI is publishing today shows that the documents and their release have been handled correctly. FI’s Board of Directors convened for an extraordinary meeting to receive information about this matter and how it will be handled.
Low interest rates have contributed to high risk-taking, rising asset prices and increasing debt. Higher interest rates in the next few years could reduce risk-taking and thus dampen the build-up of risk. However, unexpectedly large interest rate fluctuations and uncertain global developments could also test the financial sector’s resilience. These are some of the conclusions Finansinspektionen (FI) draws in this year’s second report on the stability in the financial system. The report will be presented at a press conference today.
Finansinspektionen (FI) grants Nordea Bank AB authorisation to execute its merger plan and thus move the bank’s head office to Finland.
The Swedish economy continues to be strong, and resilience in the financial system is satisfactory. However, a long period of low interest rates and strong growth has resulted in an elevated risk appetite, high asset prices and high debt. This makes the financial sector more sensitive to shocks, writes Finansinspektionen (FI) in the first Stability Report of the year, which is being presented today.
Finansinspektionen (FI) is issuing Solidar Fonder AB (Solidar) a warning. The company must also pay an administrative fine of SEK 10 million.
Household debt is continuing to rise. The number of new mortgagors with a high level of debt in relation to their income or the value of their home continues to be high. These are the conclusions drawn by Finansinspektionen (FI) from this year’s mortgage survey, which is being presented today. FI also highlights how tenant-owner associations’ debt increases the risks for households.
Anders Kvist has been named a Senior Advisor to FI’s Director General.
The oversight body of the Basel Committee, GHOS (Governors and Heads of Supervision), has agreed today after several years of work on key supplements to complete the global standards for banks’ capital adequacy. Finansinspektionen (FI) is a member of the Basel Committee and has participated in this project.
Finansinspektionen (FI) is presenting today its proposal for a stricter amortisation requirement. Following a decision by FI’s Board of Directors, the proposal is now being submitted to the Government for approval.
Finansinspektionen (FI) has found that SEB has reported transactions improperly and that there have been deficiencies in the internal control of transaction reporting. SEB is therefore being issued a remark and must pay an administrative fine of SEK 12 million.
Finansinspektionen’s report, Stability in the Financial System, shows that the high level of household debt and rising house prices are causing vulnerabilities to build up in the Swedish economy. FI therefore would like to introduce a stricter amortisation requirement for new mortgage holders who take large loans in relation to their income.
Over-indebtedness is at the top of the agenda at FI’s Consumer Protection Day, which is being held today, Thursday, 11 May. FI will also present its annual report, Consumer Protection on the Financial Market, which includes a review of the areas that FI is prioritising in terms of consumer protection supervision.
The amortisation requirement that was introduced last year has had a slow-down effect thus far. Households with new mortgages are borrowing less and buying less expensive homes, but the risks associated with high household debt remain.
Nasdaq Clearing AB is receiving a remark and must pay an administrative fine of SEK 25 million. Nasdaq Stockholm AB is receiving a remark and must pay an administrative fine of SEK 30 million.
Finansinspektionen (FI) reports its assessment of financial stability twice a year. At a press conference today, FI Director General Erik Thedéen and FI Chief Economist Henrik Braconier will present this year’s second stability report.
Finansinspektionen (FI) believes that securitisation can give rise to risks that are not considered in current regulation. FI is therefore submitting for consultation today the method it intends to use to assess banks’ capital requirement within Pillar 2 for flowback risks during securitisation.
Finansinspektionen (FI) is publishing two consultation memorandums today that will raise the capital requirements primarily for exposures to corporates for banks that use the internal ratings-based approach.
FI noted during the spring that Nordea's reported Probability of Default (PD) as a percentage of its corporate lending was larger than its estimated PD during certain years and in certain markets. In other words, actual PD was higher than the bank's estimated PD.
Finansinspektionen is issuing Resurs Bank AB a remark. The bank must also pay an administrative fine of SEK 35 million.
SvD published information today about FI's supervision of Nordea and the banks' internal models. FI therefore sees a need to describe and make certain clarifications about its supervision and how the capital assessment for Nordea has been handled.
SvD is publishing an article today about information in a memorandum written by FI regarding Nordea's capital needs. SvD did not receive the memorandum from FI. As a result, the confidentiality assessment that FI is obligated to conduct pursuant to the Public Disclosure and Secrecy Act has not been conducted.
Household debts are continuing to develop in an unfavourable direction. This is one of the conclusions in FI's Stability Report, which is being published today.
Nordea Bank AB (Nordea) has applied to Finansinspektionen (FI) for authorisation to execute plans under which its wholly-owned subsidiaries in Denmark, Finland and Norway will be merged with Nordea and thereafter be operated as branches. FI has decided to grant Nordea authorisation.
The higher degree of digitalisation can lead to more cost-efficient solutions for both consumers and financial companies. However, it is important to safeguard consumer protection.
New mortgages must be amortised down to 50 per cent of the value of the residential property. The amortisation requirement will apply to all new loans that are collateralised by a residential property. The property may be revalued every fifth year.
Swedish households are borrowing more in relation to their income. Despite this, they have in general sufficient margins to make their payments. FI presents these and other conclusions in this year's Mortgage Survey, which is being published today.
FI's Board of Directors has decided to raise the countercyclical capital buffer to 2 per cent as of 19 March 2017.
Today FI will submit a report to the Government about how climate change may affect financial stability.
Trig Social Media AB has, in an interim report, on a number of points neglected the provisions regarding periodic financial information. Finansinspektionen has therefore decided to issue the company with a caution for having breached the accounting rules.
FI today sends out a proposal which requires amortization of mortgages. The proposal is that new mortgage holders must pay their mortgages down to a 50 per cent loan-to value ratio. Starting on 1 June 2016, the amortization requirement will apply to all new loans which are collateralized by a home.
Resilience in the Swedish financial system is satisfactory. However, the sharp rise in housing prices means that household debt is growing rapidly. This development entails an increase in the risks to economic stability. It is therefore necessary to be prepared to take further measures.
The Swedish financial system is functioning well and the banks' resilience to disruptions is satisfactory. At the same time, measures are required to reduce the risks linked to household indebtedness. These are two of the conclusions drawn in FI's Stability Report, which is being presented today.
Handelsbanken has not complied with the money laundering rules. The bank has not conducted risk assessments for all of its customers or obtained sufficient information about customers and their business relations. The bank's system for reviewing transactions has also been deficient. Handelsbanken thus receives a remark and is ordered to pay an administrative fine of SEK 35 million.
There have been major deficiencies in Nordea's work to prevent money laundering. This means there is a high probability that if people have tried to launder money or finance terrorism that they could have done so without Nordea having been able to detect this. Nordea is therefore receiving a warning and is ordered to pay the maximum administrative fine of SEK 50 million.
Finansinspektionen (FI) is of the opinion that it is necessary to put an amortisation requirement in place. At the same time, the Administrative Court of Appeal of Jönköping, among others, finds deficiencies in the legal basis for FI to decide on an amortisation requirement. FI determines that the legal status is unclear and that FI's mandate needs clarifying. Therefore, at present, FI is not progressing with the amortisation requirement.
More households are amortizing, and they are more resilient than they were a year ago. At the same time, many households with lower loan-to-value ratios choose to refrain from amortizing, confirming the need for an amortisation requirement. These are some of the conclusions from this year's mortgage survey.
New mortgage holders must pay their mortgages down to a 50 per cent loan-to-value ratio. The amortisation requirement will apply to all new loans granted that are collateralised by a home, as of 1 August 2015. Properties may be revalued every fifth year. The rules will apply to all banks and credit market companies. This is proposed by Finansinspektionen (FI).
Resilience in the Swedish financial system is satisfactory. Despite unease abroad, the banks have sound resilience and access to funding. The major banks' need for funding from the market and the substantial debts of households are, at the same time, vulnerabilities that must be monitored and counteracted. These are the conclusions of Finansinspektionen's (FI's) Stability Report.
Today, the Government decided to renew its confidence in Martin Andersson, who will stay on as Director General of Finansinspektionen (FI).
New mortgage holders are to repay their mortgages down to 50 per cent loan-to-value (LTV). Annual repayments of at least 2 per cent will first be made on loans down to 70 per cent LTV. After that at least one per cent is to be repaid annually down to 50 per cent LTV.
Credit market company Solidum has not managed its credit risks properly, and insurance company Fjällförsäkringar has had deficiencies in its coverage of liabilities. Both firms are being issued a remark and must pay administrative fines.
The banks have, for a long time, presented misleading list prices to their mortgage customers. FI is now requiring them to report an average of the interest rates that customers actually pay. The proposal is an important step in strengthening the position of banking customers on the mortgage market.
The forthcoming capital requirements for Swedish banks have now been decided. The requirements were presented as early as before the summer. The decision also refers to the countercyclical capital buffer, which shall be 1 per cent.
There have been inadequacies in the investment advice that Skandiabanken Aktiebolag has provided through tied agents. The bank has not complied with the rules applicable for receiving commission nor dealt with conflicts of interest in the correct manner. An adverse remark is consequently issued to the bank and an administrative fine of SEK 10 million imposed.
The Swedish financial system is resilient, but stability risks are present. The two major risks are banks' dependence on market funding, and high debt among households. This is the conclusion from Finansinspektionen's (FI's) Stability Report.
A need for better advice on financial products, greater demands on instant loan firms and openness regarding the mortgage rate. These are some of the conclusions in Finansinspektionen's new consumer protection report presented today at FI's Consumer Protection Day.
Today, FI describes how capital requirements for Swedish banks will be devised. The information pertains two capital requirements for systemic risks for the four major banks, considerations regarding the countercyclical capital buffer and the increase to the risk weight floor for Swedish mortgages.
Insurance intermediary Skandinavisk Kapitalförvaltning AB has had serious deficiencies in its operations. The company has not complied with the rules in place to create sound consumer protection. Finansinspektionen (FI) is therefore withdrawing the authorisation of the company. The decision enters into effect immediately.
Swedish households borrow up to 70 per cent of the value of their home on average, and indebtedness is high in a historical and international perspective. At the same time, Finansinspektionen's (FI's) annual mortgage survey shows that fewer than one household in ten are granted loans that exceed 85 per cent of the value of the home, and such households amortise at a rapid rate. Households also have sound repayment ability.
Finansinspektionen (FI) does not consider it to be appropriate to grant banks the option of waivers from the so-called Basel 1 floor. FI wishes to continue ensuring that the banking system is sufficiently resilient, which safeguards financial stability.
Finansinspektionen (FI) is starting up a new operational section – Consumer Protection. The purpose is to gain a clearer focus on consumer protection matters and hence strengthen the position of consumers on the financial market.
The investment firm Festival International AB has, for a long period of time, been safekeeping financial instruments and related services such as cash management without the requisite authorisation. The company has also demonstrated deficiencies in its internal governance. Finansinspektionen (FI) therefore withdraws Festival's authorisation to conduct investment services and activities.
FI is withdrawing the authorisation of credit market company Exchange Finans to conduct financing business. The company has had serious deficiencies in its internal governance and control and has in particular neglected to take measures to prevent the operations from being used for money laundering and terrorist financing. The company must cease all operations with immediate effect.