Financial Supervisory Authority (Swedish: Finansinspektionen, FI) is the Swedish government agency responsible for financial regulation in Sweden. It is responsible for the oversight, regulation and authorisation of financial markets and their participants. The agency falls under the Swedish Ministry of Finance and regulates all organisations that provide financial services in Sweden.[2]
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History
FI was formed 1991 to create a single integrated regulator covering banking, securities, and insurance in Sweden. This was done with the merging of the former banking and insurance supervisory bodies, the Bank Inspectorate (Swedish: Bankinspektionen) and the Insurance Supervision Authority (Swedish: Försäkringsinspektionen).[3]
Responsibilities
FI's primary responsibility is market stability and the monitoring of financial markets and participants. It also has a responsibility to provide consumer protection in relation to financial products. One of its tasks is monitoring for instability that will negatively affect the Swedish financial system. If it believes that this is the case it has a duty to report that to the Swedish government who are responsible for taking any action.
The authority has three main activities:
- Issue of permits to companies that wish to provide financial services
- Designing rules and regulations for financial activities
- Supervision of these rules and the performance of risk assessments
Notable cases
In June 2020, FI fined SEB 1 billion crowns ($107.11 million) for failures in compliance and governance in relation to anti-money laundering regulations in the Baltics.[4]
Organisational structure
FI is a Swedish government central administrative authority that falls under the Swedish Ministry of Finance. It is run by an eight-member board which is appointed by the government. This includes the head of the agency, the Director General.
Directors General
- 2022 - : Susanna Grufman
- 2015–2022: Erik Thedéen[3][5]
- 2009–2015: Martin Andersson
- 2008–2009: Eric Saers (acting)
- 2003–2008: Ingrid Bonde
- 1993–2002: Claes Norgren
- 1991–1993: Anders Sahlén
See also
- Financial regulation
- Government agencies in Sweden
- Securities Commission
- List of financial regulatory authorities by jurisdiction
References
- ^ "Who we are". Archived from the original on 2010-01-09. Retrieved 2010-03-24.
- ^ official website (in English)
- ^ a b "History of FI". www.fi.se. Retrieved 2018-05-31.
- ^ Simon Johnson (25 June 2020), Swedish fines SEB bank 1 bln SEK over money laundering compliance failures in Baltics Reuters.
- ^ Simon Johnson and Stine Jacobsen (17 June 2022), Swedish central bank picks FSA's Thedeen as new head as Ingves era ends Reuters.
https://www.fi.se/en/published/news/2022/susanna-grufman-takes-over-as-acting-director-general/
External links
- Official website (in Swedish)
- Official website in English (in English)
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This page was last edited on 27 February 2024, at 07:46