Finansinspektionen withdraws all Exceed Capital Sverige AB’s (Exceed) authorisations to conduct securities business and its authorisation for ancillary services, authorisation to conduct insurance distribution, and authorisation to be registered as a manager of fund units.
The business must be wound up no later than 2 September 2020.
FI has investigated in part whether Exceed has rectified the deficiencies that resulted in a warning and an administrative fine in November 2017. FI's investigation shows that the firm continued to demonstrate deficiencies in its handling of client funds. Exceed also failed in its duty of care for customers in several respects. FI makes the assessment that most of the deficiencies are due to insufficient internal governance and control within the organisation. The company also hindered FI's work during the investigation.
FI makes the overall assessment that Exceed has once again conducted a number of severe infringements, which shows it does not have the ability to follow the basic rules in place to protect its customers. The only option, therefore, is a withdrawal of the firm's authorisation. Because the firm's current and presumptive customers can be affected negatively if the operations are permitted to continue, the decision shall apply immediately.