History of FI

1659

King Karl X Gustav establishes the office of Chief Inspector of Banks to handle supervision of Stockholm Banco, Sweden's first commercial bank. Dutchman Johan Palmstruch had opened the bank in 1657 after receiving permission from the king.

1840

Supervision of banks is taken over by the Ministry of Finance.

1868

His Majesty appoints a special official in the Ministry of Finance to administer all matters relating to banks.

1876

The Bank Department is formed within the Ministry of Finance.

1886

An initial royal proclamation establishes the conditions for insurance operations in Sweden.

1903

A law concerning supervision of private insurance operations is enacted, after which the Private Insurance Supervisory Service is established.

1904

The Insurance Supervisory Authority is established.

1907

The Royal Inspectorate of Banks is established as a civil service department to handle the supervision of commercial bank operations against the background of a bank crisis a few years earlier.

1911

The Royal Inspectorate of Banks takes over responsibility for local bank supervision, which was previously the responsibility of the county administrative boards.

1919

The Royal Inspectorate of Banks changes its name to the Royal Inspectorate of Banks and Securities. At the same time, its area of responsibility is expanded to include securities trading and stock exchange operations.

1929

A law concerning savings banks is enacted. The Savings Bank Inspectorate is established to jointly supervise the savings banks with the county administrative boards.

Mid-1930s

The Inspectorate of Banks and Securities begins exercising supervision over agricultural savings and loan associations.

1946

The Inspectorate of Banks and Securities begins exercising supervision over credit companies.

1950

A law is enacted granting foreign insurance companies the right to conduct business.

1956

The Inspectorate of Banks and Securities becomes the registration authority for banks.

1962

The Inspectorate of Banks and Securities is merged with the Savings Bank Inspectorate and reverts to the name Royal Inspectorate of Banks.

1963

The Royal Inspectorate of Banks becomes the supervision and registration authority for savings banks.

1969

The Royal Inspectorate of Banks becomes the registration authority for agricultural savings and loan associations.

1970

The area of responsibility of the Royal Inspectorate of Banks is expanded to include supervision of the post-office bank and the provincial and city mortgage-bank institutions.

1971

The Royal Inspectorate of Banks begins supervising Värdepapperscentralen VPC AB (Swedish Securities Register Centre).

1972

The law on friendly societies is established.

1980

The Royal Inspectorate of Banks begins supervising finance companies.

1982

The Swedish Insurance Act is established.

1986

The Royal Inspectorate of Banks changes its name to the Swedish Bank Inspection Board.

1990

The law on insurance brokers is established.

1991

The Private Insurance Supervisory Service and the Bank Inspection Board are merged to become Finansinspektionen (Swedish Financial Supervisory Authority).

1991

The Private Insurance Supervisory Service and the Bank Inspection Board are merged to become Finansinspektionen (Swedish Financial Supervisory Authority).
Anders Sahlén becomes Director General.

1993

The financial and banking crisis, triggered by real estate speculation, leads to credit losses of nearly SEK 125 billion from 1990-1993. The banking system is threatened and the Government intervenes; the Bank Support Authority pays out SEK 65 million in bank support of which 98 per cent goes to Nordbanken and Gotabanken. Claes Norgren, former Deputy Governor of the Riksbank (Sweden's central bank), is appointed Director General.

1995

Sweden becomes an EU member on 1 January, which means it is now part of a more integrated European financial system.

2003

On 1 January, Ingrid Bonde becomes the new Director General. The Government appoints the former Liberal People's Party leader, Bengt Westerberg, to be the new FI Chairman of the Board.

2009

Martin Andersson becomes the new Director General on 15 January.

2015

Sven-Erik Österberg takes over as new Chairperson of the Board of Directors of FI.

Erik Thedéen takes over as new Director General on 21 October.

Last reviewed: 2017-01-24
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