Banking or financing business

Banking business includes processing payments via general payment systems and receiving money on account, which after termination should be available to the claim holder within a maximum of 30 days.

Financing business includes commercial operations with the intention of receiving funds from the general public that must be repaid. This definition also includes granting loans and guaranteeing loans or, for funding purposes, acquiring claims or leasing personal property.
Banking or financing operations may, with some exceptions, only be conducted following the granting of authorisation by Finansinspektionen. The prerequisites for conducting banking or financing business are set out by the Banking and Financing Business Act (2004:297) and the Banking and Financing Business Ordinance (2004:329). For savings banks, there are also rules set out in the Savings Banks Act (1987:619).
For members' banks, the Members' Banks Act (1995:1570) was repealed on 1 January 2021. As a result, only members' banks that were registered before the act was repealed may continue to conduct business in accordance with the repealed act.

Contents of the application

The content of an application for authorisation to conduct banking or financing business is set out in Commission Delegated Regulation (EU) 2022/2580 of 17 June 2022 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards that specify the information to be submitted in a credit institute's authorisation application and the factors that can prevent competent authorities to conduct efficient supervision.

If the company intends to provide advice in financial matters, the information set out in FFFS 2004:4 should be submitted to FI.

Fee

Applicants must pay a fee of SEK 1,500,000 in conjunction with the application. See the fact box for payment information. FI also charges an annual supervision fee.

The application fee includes the approval of articles of association/by-laws. After being approved by FI they must be registered with the Swedish Companies Registration Office.

Processing time

FI will make a decision within six months provided that the application is complete and the fee is paid.

Other information

Companies which received authorisation to conduct banking or financing operations must regularly report information to FI.

Payment procedure

FI registers the application, which is assigned a reference number.
FI then sends an administrator letter, which specifies the reference number, the applicable fee and instructions for how to pay the fee.

Do not pay the fee until you have received the administrator letter and reference number from FI.

Last reviewed: 2025-01-13