A stable, well-functioning financial market for allA stable, well-functioning financial market for allResult
2024
FI Supervision 29: Advisors are not taking customers’ sustainability preferences into account
Six out of ten say that sustainability is important when saving money. Advisors at banks, investment firms and insurance intermediaries have an obligation to take into account consumers’ sustainability preferences. This does not always happen. Instead, many consumers currently face a risk of investing in products that do not correspond to their expectations when it comes to sustainability. This is the conclusion FI draws from its analysis, and we are now encouraging firms to devote a special focus to this topic.
2022
A strategy to prevent greenwashing
Finansinspektionen will prevent greenwashing in the financial sector through preventive measures and supervisory activities. Today, in a new report that is submitted to the government, FI presents a strategy to prevent greenwashing.
Finansinspektionen’s strategy to prevent greenwashing
FI’s strategy for preventing greenwashing in the financial sector aims to safeguard the trust in sustainable investments and a sustainable finance market.
Roadmap for sustainable finance
In 2019, FI’s overarching mandate was expanded to include a responsibility to ensure that the financial system contributes to sustainable development. FI is also the responsible supervisory authority for a number of new regulations related to sustainable finance that are the result of the EU’s ambitious sustainability agenda.
Funds with sustainable investment as its objective
The Swedish Financial Supervisory Authority, Finansinspektionen (FI) has conducted an in-depth analysis of how managers of funds registered in Sweden that have sustainable investment as its objective (so-called Article 9 funds) meet the requirements on sustainability-related disclosures in the pre-contractual information they must provide to investors.
Unclear information about sustainable funds
The disclosures provided about funds with sustainable investment as their objective are often unclear. This is the conclusion of an in-depth analysis conducted by Finansinspektionen (FI). In many cases, the disclosures provided in the funds’ prospectuses need to be clearer and more specific.
FI reviews sustainable funds
Demand for green and sustainable investments is increasing rapidly. This increases the risk of greenwashing, i.e. presenting organisations and products as more sustainable than what they are in reality. Finansinspektionen (FI) will therefore review that the disclosures provided about the funds classified as the most sustainable fulfil the strict requirements placed on them.
Johanna Fager Wettergren: Social factors are important for sustainable investments
“A lot is about common sense; there isn't time to wait for the perfect solutions. This obviously applies to the climate, but it also clearly applies to social issues. Politicians may be equipped with the sharpest tools – but the financial sector has a very important role to play.”
Erik Thedéen's speech at the A4S Roundtable
Erik Thedéen, Finansinspektionen's Director General made a speech at the A4S Reporting Roundtable the 1 March in London.
2021
Erik Thedéen: Crypto-assets today and in the future
” Ultimately, this is about energy efficiency. Energy is a scarce resource, and as a society, we have invested heavily in energy-efficiency improvements across all sectors. We need to consider a similar technology shift for crypto-assets.”
Crypto-assets are a threat to the climate transition – energy-intensive mining should be banned
The most common method for producing crypto-assets requires enormous amounts of electricity and generates large CO2 emissions. Crypto-asset producers are keen to use more renewable energy, and they are increasing their presence in the Nordic region. Sweden needs the renewable energy targeted by crypto-asset producers for the climate transition of our essential services, and increased use by miners threatens our ability to meet the Paris Agreement. Energy-intensive mining of crypto-assets should therefore be prohibited. This is the conclusion of the director generals of both the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency.
Erik Thedéen talks about sustainability reporting at COP26
A global standard for sustainability reporting will make it possible for the finance sector to steer investments from harmful activities to activities that contribute to the climate transition. Finansinspektionen’s (FI) Director General Erik Thedéen will be at the UN’s climate conference (COP26) in Glasgow to talk about this work.
FI increases sustainability efforts with new manager
Finansinspektionen (FI) is creating a new position to strengthen its work within sustainability. Johanna Fager Wettergren will be the new Head of Sustainable Finance.
Erik Thedéen: Crypto-assets – risks and opportunities
“The technology behind crypto-assets has the potential to create value for society, but crypto-assets like Bitcoin also pose significant risks,” said Erik Thedéen, when he spoke about the development of crypto-assets today at a seminar arranged by the Swedish Investor Relations Association.
Memorandum Legislative Measures due to the EU’s Green Taxonomy Regulation
Finansinspektionen (FI) supports in general the proposals in the memorandum. However, FI has some feedback points about the proposals.
Erik Thedéen: The private sector can and should take the chance to speed up the transition
Climate change is an existential threat to mankind. In order to meet this threat, we need extensive policy decisions. In particular, carbon prices must go up. The private sector and the financial market can contribute, said Finansinspektionen’s Director General Erik Thedéen at the Hållbara Finanser 2021 conference (Sustainable Finances). By already preparing now to be able to quickly report in accordance with future international standards on corporate sustainability reporting and also voluntarily using and reporting internal carbon pricing.
FI Analysis 30: Internal price on carbon – what and why?
To reach the climate goals in the Paris Agreement, carbon emissions must go down. The most efficient way to achieve this is by raising the cost of emissions compared to today.
Sustainability Report 2021 – the climate in focus
Finansinspektionen has an assignment to promote the financial system’s contribution to sustainable development. The sustainability report outlines the current sustainability issues that are related to the financial sector and lists examples of what FI is working on in this area.
IOSCO takes important step towards global sustainability disclosure
An important step has now been taken towards a global standard for sustainability reporting. The Board of Directors of the International Organization of Securities Commissions (IOSCO) voted during its meeting yesterday for IOSCO to actively work to achieve a unified and comparable global standard for sustainability disclosure. IOSCO’s work in this area is being carried out within the work group led by Finansinspektionen’s Director General Erik Thedéen.
FI’s prioritised areas for 2021
Are the banks conducting thorough credit assessments when customers apply for consumer credit? Are smaller banks and payment service firms taking sufficient measures to prevent money laundering? What risks will the coronavirus pandemic pose in the future? These are three areas that Finansinspektionen (FI) will look more closely at in 2021.
Finansinspektionen’s prioritised areas for 2021
Consumer protection, money laundering and risks that the coronavirus pandemic may pose in the future are three areas that FI will look more closely at in 2021.
2020
Erik Thedéen's speech at Driving Global Standards on Sustainable Finance
Erik Thedéen, Finansinspektionen's Director General and Chair of IOSCO's Task Force on Sustainable Finance made a speech at the conference Driving Global Standards on Sustainable Finance.
Global sustainability network NGFS publishes status report and guide for supervisors
The global sustainability network NGFS (Network for Greening the Financial System) is publishing today a report on how banks around the world consider climate-related risks in their lending. The report shows that this is occurring more frequently, but it is at the same time difficult to see which loans constitute a lower risk. This is because, for example, there is no international classification and a shared perception of which assets are “green” and “brown”.
Increased transparency on carbon pricing can strengthen the financial system
FI will explore the possibility of advocating both nationally and internationally increased disclosure of firms’ internal carbon pricing.
2019
Erik Thedéen: Climate and sustainability in focus at FI
FI’s Director General spoke today at the Finansdagen conference in Stockholm.
Erik Thedéen's introductory speech at IOSCO SFN Stakeholder Meeting
Erik Thedéen made the introductory speech at the first IOSCO SFN Stakeholder Meeting in Stockholm.
2018
Work with sustainability is progressing – but there is still much to be done
FI is publishing today three reports on sustainability. The reports show that the work with sustainability is progressing on several fronts and that the industry’s own initiatives, where relevant, are working. But there is still a lot of work left to be done. FI is also publishing a follow-up report for the Government on FI's work with sustainability-related matters in 2018.
Integration of sustainability in corporate governance
Sustainability-related risks and opportunities do not differ from the other risks and opportunities that can be linked to financial firms’ operations. Therefore, sustainability should not be managed in limited areas of corporate governance, but rather be an integral part of corporate governance as a whole. In this survey, FI studied how financial firms describe their management of sustainability aspects in corporate governance and how these aspects are integrated into the operations.
Finansinspektionen’s work in 2018 to contribute to sustainable development
FI has conducted a number of supervision activities related to sustainability at the same time as the organisation has been partly restructured and received additional resources. During the year, FI's work has focused on integrating sustainability-related matters into its ongoing supervision, a project that will continue and be intensified.
The Network for Greening the Financial System has published its first report
The members of the international Network for Greening the Financial System (NGFS) acknowledge in their first report that climate-related risks are a source of financial risk. The Network therefore clarifies that it is within the mandates of central banks and supervisors to ensure the financial system is resilient to climate-related risks.
