Investment firms Global Invest and Larsson & Partner had deficiencies in their advising activities and in some cases seriously disregarded the interests of their clients. They are therefore receiving a warning and a remark, respectively, and each must pay an administrative fine.
Global Invest Finansförmedling Sverige AB has not managed conflicts of interest in its operations and subsequently been subject to a risk that, due to the company's remuneration system, its advisors have recommended certain investments instead of others to their customers. The company also received commissions without correctly informing customers about these commissions and failed to obtain information about its customers' specific requirements as required by the regulations. The company seriously disregarded the interests of its customers and therefore is being issued a warning and an administrative fine of SEK 1,500,000.
Larsson & Partners Asset Management AB received commissions for investments it recommended without providing customers with information about these commissions. The company also neither provided its customers with information about the risks of the recommended investments nor obtained sufficient information about its customers specific requirements before giving advice. The company therefore is being issued a remark and an administrative fine of SEK 150,000.
Finansinspektionen is also withdrawing the authorisation for Key Equipment Finance Nordic AB to conduct financing business. The firm has not had a Swedish head office for a long time and it has been deficient in the governance and control of its operations.