Svea Bank receives a remark and an administrative fine

Finansinspektionen investigated Svea Ekonomi's credit assessments. After the investigation was closed, Svea Ekonomi merged with Svea Bank. Svea Bank thus has taken over Svea Ekonomi's obligations.

The investigation covered granted loans that consumers applied for during the period June–September 2019. The credit amounts ranged between SEK 80,000 and SEK 400,000.

The investigation shows that Svea Ekonomi has been deficient in its credit assessments. The company used incomplete information about consumers' debt and completely disregarded some key information, such as the consumers' housing costs and costs for existing loans. Finansinspektionen thus makes the assessment that Svea Ekonomi's credit assessments have not been based on sufficient information about the consumer's personal finances, and as a result the company is in violation of section 12 of the Consumer Credit Act. The company also did not observe good credit practice pursuant to section 6 of the same act.

The observed violations have been such that Finansinspektionen considers there to be grounds on which to intervene against Svea Bank, which has taken over Svea Ekonomi's obligations. The violations are not so serious that there is cause to consider withdrawing the bank's authorisation or issuing the bank a warning. Finansinspektionen is therefore issuing Svea Bank a remark that will be accompanied by an administrative fine of SEK 45 million.