Consumer Protection Report 2025: Digitalisation and viral trends create risks for consumers on the financial market

As the financial market becomes increasingly digitalised, new consumer risks are emerging. In this year's consumer protection report, FI is highlighting, among other things, risks associated with an increasing number of consumers turning to social media and AI services for advice related to their personal finances and investments. However, many consumers receive in these channels information from actors that are unauthorised and are not always acting in the best interests of the consumer. For example, crypto assets or unlisted shares may be highlighted as investment opportunities for broad groups even though they are highly unsuitable for most consumers.

"We are seeing an increasing number of consumers seeking financial information in new ways. It is important that they are aware of the risks. New trends appear all the time, but as a consumer it is often a good idea to stay cool and not make hasty decisions. You should never invest in something that you do not fully understand, regardless of who is trying to sell the investment to you," says Moa Langemark, FI's consumer protection economist.

But consumers can make mistakes not only in digital environments. FI has been flagging for a long time that there is a risk that consumers are being offered unsuitable savings schemes, even from traditional advisors. One reason could be that advisors are rewarded with high commissions when they sell products that can be both expensive and unsuitable, which leads to conflicts of interest. What financial firms are doing to prevent such risks will be a prioritised area during 2025 as well.

Another prioritised risk is unsound lending. If lenders grant too many or too large loans, there is a risk that this will lead consumers into a debt trap. During 2025, FI will therefore review how lenders are working with credit assessments to ensure that loans are not being issued to persons who cannot pay them back.

More risks for consumers

FI prepares a consumer protection report every year as instructed by the Government. In the report we present our work with consumer protection over the past year and describe the work we have planned for the coming year. We also describe the need we observe for amended regulations. In 2025, FI also identified the following risks on the financial market.

• Fraud. Over the past few years, there has been a sharp increase in the number of consumers experiencing different types of fraud. These instances of fraud also entail increasingly larger amounts. Situations where the consumer is tricked into transferring money to the fraudster have increased the most. FI is of the opinion that the legislation needs to be tightened to increase the consumer protection related to such social manipulation.
• Financial exclusion. Even if digitalisation has made the financial market more accessible to many consumers, we are still seeing that some are excluded by having their payment account closed or being denied the possibility of opening an account. In 2025, we will conduct an in-depth analysis of what the four largest banks have done in order not to limit consumers' right to a bank account more than what is necessary.
• Transfer of occupational pension. There is a risk that financial firms, advisors and other parties are recommending that customers transfer their occupational pension for reasons other than the policyholder gaining access to a better pension. One risk that has been highlighted is related to the link between the transfer of occupational pensions and offers of low mortgage rates. FI will look more closely during the year into the transfer of occupational pensions and how this impacts consumers.