Financial Supervisory Authority ( sv, Finansinspektionen, FI) is the

Swedish government agency The government agencies in Sweden are state-controlled organizations that act independently to carry out the policies of the Government of Sweden. The ministries are relatively small and merely policy-making organizations, allowed to monitor the ...

responsible for

financial regulation Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handle ...

Sweden Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the Kingdom of SwedenUNGEGN World Geographical Names, Sweden./ref> is a Nordic countries, Nordic c ...

. It is responsible for the oversight, regulation and authorisation of

financial market A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial ma ...

s and their participants. The agency falls under the Swedish

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Ec ...

and regulates all organisations that provide

financial services Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...

in Sweden.

History

FI was formed 1991 to create a single integrated regulator covering

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

, and

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

in Sweden. This was done with the merging of the former banking and insurance supervisory bodies, the Bank Inspectorate ( sv, Bankinspektionen) and the Insurance Supervision Authority ( sv, Försäkringsinspektionen).

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 Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law. Such laws are intended to prevent business ...

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 The Government of the Kingdom of Sweden ( sv, Konungariket Sveriges regering) is the national cabinet of Sweden, and the country's executive authority. The Government consists of the Prime Ministerappointed and dismissed by the Speaker of th ...

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.

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

* 2015–2022: Erik ThedéenSimon Johnson and Stine Jacobsen (17 June 2022)
Swedish central bank picks FSA's Thedeen as new head as Ingves era ends
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Reuters Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was est ...

''. * 2009–2015: Martin Andersson * 2008–2009: Eric Saers ''(acting)'' * 2003–2008: Ingrid Bonde * 1993–2002: Claes Norgren * 1991–1993: Anders Sahlén

References

External links

*
Official website in English
Financial Supervisory Authority Financial Supervisory Authority Regulation in Sweden Financial regulatory authorities of Sweden Government agencies established in 1991 1991 establishments in Sweden {{Sweden-gov-stub