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Mangold Fondkommission AB has been in violation of several central customer protection regulations and it has had serious deficiencies in its internal governance and control. The company is therefore receiving a warning and an administrative fine of SEK 6 million.
Mangold has not properly handled the conflicts of interest that were present in the company's advisory activities. Finansinspektionen has determined that there were strong incentives to recommend certain products to customers instead of other products due to the company's remuneration system.
In addition, the company has not gathered necessary information from its customers to be able to recommend products that are suitable for them. Mangold has also to some extent provided misleading information to its customers.
Mangold has also demonstrated serious deficiencies in its internal governance and control. The company has not ensured that it had sufficient resources for being able to exercise effective control of the company's compliance. Furthermore, for a long time the company has not had a risk management function working independently, despite the fact that this is a requirement given the company's operations.
Since the deficiencies are of a serious nature, Mangold is receiving a warning and an administrative fine of SEK 6 million.
