Do firms lend money to people who cannot pay back the loan? Do financial firms work enough with their IT security? How green are green funds, in reality? These are three areas that Finansinspektionen (FI) will investigate more closely in 2022.
FI supervises the financial sector. FI analyses the largest risks in each area and directs its efforts to where they will be the most beneficial. This is called risk-based supervision. We are now presenting the areas that we will give extra attention to in our supervision in 2022.
Consumer credit is growing, and this is a contributing cause to why many people experiencing repayment problems. We will therefore continue to review how loan companies make sure that they do not grant loans to individuals who are or risk experiencing repayment problems. We will also review whether their business models encourage consumers to take loans that in the long run are bad for them.
In order for financial systems to work, it is crucial that firms have safe and reliable IT systems. Therefore, we will review how financial firms protect themselves from IT incidents and cyberattacks and that they have proper overview of their subcontractors.
At the same time, the interest for green investments continues to grow. Therefore, we will review that financial firms' products and services are as sustainable and green as they are described. FI will also focus in particular on establishing the new sustainability rules by maintaining a close dialogue with the industry.
"The financial sector plays an important role in the transition to a more sustainable society.The risk that will be our main priority in this area is the risk of greenwashing. We will survey funds that have sustainability as an objective and investigate a number of fund managers where the risk of greenwashing is high," says Director General Erik Thedéen.
How payment service companies work with anti-money laundering and the risks that market financing and corporate bond funds introduce to the financial system will also be prioritised areas for FI during the year.