Credit providers must be able to access a comprehensive view of a consumer’s outstanding credit commitments before granting new loans.
In this report, Finansinspektionen (FI) presents the most prioritised consumer risks it has identified for 2019. FI also presents the experiences from its consumer protection work over the past year. Finally, FI identifies two areas on the financial market where consumer protection is clearly deficient and proposes regulatory changes to fill these gaps.
Finansinspektionen (FI) presents in this report the risks consumers are facing on the financial market and that FI is prioritising in its supervision. One recurring prioritised risk is that consumers will be granted loans that are larger than what their personal finances can handle. Another risk that has been prioritised for a long time is the risk that consumers will be advised to invest in products that are not suitable for them.
Finansinspektionen (FI) presents in this report the risks consumers are facing on the financial market and that FI is prioritising in its supervision. One example is the risk that consumers will be granted larger loans than what their personal finances allow.
One of the main goals of financial supervision is to help provide comprehensive protection for consumers. In its annual report, Consumer Protection on the Financial Market, Finansinspektionen (FI) presents the most prioritised areas of its consumer protection supervision as well as areas where consumer protection may need to be strengthened.
In this report, Finansinspektionen (FI) describes the most prioritised areas in which consumer protection on the financial market needs strengthening. Such areas include tightened rules for advice on financial products, better pension information and measures against closet index funds.
Consumers on the financial market face a series of challenges and problems. For example, many savings products are complex, advice is often poor and information is, in many cases, deficient or difficult to understand.
FI assesses that the consumer’s position on the financial market is good in general, despite significant conflicts of interest and the complexity of many services. The supply of financial services and number of options has increased over the past decade. This leads to more financial decisions and increased exposure for various risks, and imposes stricter requirements for the consumer’s knowledge.
Swedish consumers use financial products and services more and more. This makeseveryday life easier and it provides an opportunity to manage risks and to make a goodprofit from savings. This development also benefits the society as a whole.
Consumers are responsible for their own decisions when it comes to the purchase of financial services and products. Consumers cannot expect central government to compensate for, or protect against, losses arising from financial risk that they themselves have chosen to take.