FI SE

During 2022, the International Monetary Fund (IMF) carried out a special assessment of the financial sector in Sweden, a so-called FSAP (Financial Sector Assessment Program). FSAPs are conducted regularly for member countries with systemically important financial markets. The most recent FSAP for Sweden by the IMF was in 2016. During 2021 and 2022, the IMF delegation carried out visits to Sweden and met, among others, a large number of representatives from the financial stability authorities, the Ministry of Finance, Finansinspektionen, the Riksbank and the Swedish National Debt Office, as well as representatives from Swedish banks and other financial institutions. The IMF's...

Swedbank is receiving a remark for the bank’s lack of internal control following a change to a business-critical IT system last year. The bank must also pay an administrative fine of SEK 850 000 000. On 28–29 April 2022, a major IT incident occurred at Swedbank in conjunction with the bank making a change in a business-critical IT system. Almost one million customers had incorrect balances in their accounts, which appeared to be missing money, since a large number of transactions were stopped in the systems. Finansinspektionen's investigation shows that Swedbank made the change in its system without following internal procedures...

There may be some minor disturbances in the TRS 2 system on March 18 and 19 in both the production environment and the test environment. The disturbances are due to planned maintenance. In the event of problems, rapporteurs are advised to try again later during the day. This news item was originally published by the Swedish Financial Supervisory Authority (FI SE). For more information, please see the Source Link.

TRS 2 system closed on Wednesday, 15 March. It will be possible to submit TR files, but feedback will not be sent until after the maintenance is completed. This news item was originally published by the Swedish Financial Supervisory Authority (FI SE). For more information, please see the Source Link.

As of 1 March, we have a new heading in the main navigation panel of our website: Payments. Here you will find all information related to activities within the payments sector. The Payments header in the menu now contains information related to payments that to a large extent was previously found under Banking. In other words, we have moved some of the information from the Banking page to the Payments page. This primarily relates to information under the subheadings Regulations, Apply for authorisation and Reporting. For activities within the payments sector, this information can now be found under the new heading,...

Finansinspektionen publishes the capital requirements of the largest Swedish banks and credit institutions that belong to supervisory categories 1 and 2 as of the end of Q4 2022. The capital requirements are published in order to illustrate the effect of Finansinspektionen's total capital requirement, including Pillar 2. Pillar 2 is a collective term for the rules that govern the firms' internal capital assessments and Finansinspektionen's supervisory review and evaluation process, of which Finansinspektionen's capital assessment forms an integral part. The capital requirements are published for Sweden's three major banks, Handelsbanken, SEB and Swedbank, as well as Länsförsäkringar, Klarna, Kommuninvest, Svensk Exportkredit...

You do not need special insurance when buying, for example, a new TV or a dishwasher. This is the conclusion of our review of so-called gadget insurance, which is often offered in retail. If you have home insurance, you have good protection. Have you been offered an insurance plan when you buy certain types of gadgets, for example electronics or home appliances? You are not alone. Many consumers currently have gadget insurance and some type of supplementary insurance. Consumers pay several billion (SEK) for these insurance policies every year. Our review shows that these policies are often not necessary. FI has...

Malin Alpen is currently the head of compliance at Getswish AB, which provides the service Swish to participating banks. Malin has worked extensively in the financial market with payment-related matters, including at Handelsbanken, the Swedish Ministry of Finance and Sveriges Riksbank. Malin Alpen will start in her new role as executive director of Payments on 3 May 2023 and will join FI's management team. New operational section for payments and preparedness This news item was originally published by the Swedish Financial Supervisory Authority (FI SE). For more information, please see the Source Link.

The Government has today appointed Daniel Barr as the new Director General of Finansinspektionen. Daniel Barr has been the Director General of the Swedish Pensions Agency since 2018, and he was previously a manager at the Swedish National Debt Office and acting head of the Financial Markets Department at Sveriges Riksbank. He also worked in management at Folksam. Daniel Barr has participated in several inquiries related to the financial markets, including as an expert in the Financial Crisis Committee. He will take over the role of Director General at Finansinspektionen on 20 March. This news item was originally published by the Swedish...

The European Systemic Risk Board (ESRB), the EU’s macroprudential overseer, has issued a general recommendation on risks linked to vulnerabilities in the commercial real estate (CRE) markets in the EU, Iceland, Liechtenstein and Norway. The recommendation calls for improved monitoring of such risks to the financial system, along with both micro- and macroprudential policy measures to address identified vulnerabilities where necessary. The ESRB's analysis indicates the presence of risks in the CRE sector that could impact both the financial system and the real economy should they materialise. The ESRB assesses that the sector is vulnerable to risks related to the...

Despite the contracting economy and the uncertainty in both the Swedish economy and the world in general, investment fraud was on the rise last year. In 2022, FI issued 3,471 warnings – 25 per cent more than in 2021. One new observation during the year is that fraudsters more frequently demand payment in bitcoin to avoid detection. Fraudsters use every method possible to create a reliable façade in order to hide their fraudulent activities. They then take the money that consumers believe is being invested in secure, profitable assets and divert it to their own pockets. During the year, FI...

All submitting entities that received incorrect validations with error codes CON-070 and CON-160 may now resend the incorrectly rejected transactions. Starting around 26 October, the Buyer and Seller LEI have been wrongly validated at times, which has resulted in the error codes CON-070 and CON-160 being issued incorrectly. The error is now corrected, and we therefore request that all affected submitting entities resend the incorrectly rejected transactions. This news item was originally published by the Swedish Financial Supervisory Authority (FI SE). For more information, please see the Source Link.