A stable, well-functioning financial market for allA stable, well-functioning financial market for allInformation disclosure by fund management companies
This study shows that five of 18 reviewed fund management companiessystematically failed to offer their customers information as stipulated by law.
The companies are:
- Folksam Fond
- Handelsbanken Fonder
- Nordea Fonder
- SEB Investment Management
- Skandia Fonder
These companies shall no later than October 31 of this year report the measures they have taken to provide customers with the correct information.
The following fund management companies provided the correct information in all cases:
- Didner & Gerge Fonder
- Enter Fonder
- Gustavia Capital Management
- Cicero Fonder
- E. Öhman J:or Fonder
- Erik Penser Fonder
The study has been conducted from the customer's perspective. Employees of Finansinspektionen (FI) contacted 18 fund management companies or groups that distribute units and expressed an interest in buying units.
According to law, fund management companies shall provide potential fund investors with a simplified prospectus. The simplified prospectus shall contain the minimum amount of information the customer needs to be able to determine the fund's risk, historic return and fee structure. These are important factors that help customers make well-informed investment decisions. They also make it possible for customers to compare the fund with other funds and savings alternatives, and are necessary for enhancing market competition.
FI does not believe that the violations identified in this study are serious enough to justify a warning or withdrawal of the companies' licenses. FI, however, would like to have the same means of sanction for fund management companies as it has in banking, i.e. that FI can, with the support of legislation, impose financial penalties on companies that do not comply with the regulations.
