Sweden’s Financial Regulatory Bodies Keep Close Eye on Markets

The Financial Supervisory Authority (Finansinspektionen or FI) is Sweden’s leading financial regulatory body, responsible for overseeing and regulating the country’s financial markets and participants.

Overview of Finansinspektionen (FI)

Established in 1991, FI has its headquarters in Stockholm and employs around 300 staff members. The agency falls under the Swedish Ministry of Finance and regulates all organizations that provide financial services in Sweden.

Primary Responsibilities

FI’s primary responsibility is to monitor financial markets and participants for signs of instability or potential threats to the Swedish financial system. If it detects any issues, FI reports its findings to the government, which then takes action to address the problem.

Focus Areas

FI has three main areas of focus:

Issuing permits to companies providing financial services
Designing rules and regulations for financial activities
Supervising these rules through risk assessments

Recent Enforcement Action

One notable case in recent years was when FI fined SEB Bank 1 billion crowns (around $107 million) in June 2020 for failures in compliance and governance related to anti-money laundering regulations in the Baltics.

Leadership

FI is led by an eight-member board appointed by the government, with the Director General at its head. The current Director General is Daniel Barr, who took over in 2023. Past Directors General include:

Susanna Grufman
Erik Thedéen
Martin Andersson
Eric Saers
Ingrid Bonde
Claes Norgren
Anders Sahlén

Conclusion

With a strong focus on consumer protection and market stability, FI plays a crucial role in maintaining Sweden’s financial system. Its work is closely monitored by the government and stakeholders, ensuring that the country’s financial markets remain secure and stable.