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Finansinspektionen is issuing remarks and administrative fines to Lannebo Fonder AB and Kredit AB Marginalen for deficiencies in their operations.
FI has announced today that remarks and administrative fines will be issued to two financial institutions for deficiencies in their operations.
Management company Lannebo Fonder AB has demonstrated deficient internal governance and control in that its central control functions have not been independent of the operations they were to control. As a result, the management company has repeatedly invested its funds' assets in a manner that is in breach of both statutory provisions and fund rules.
The deficiencies are material and the company is therefore receiving a remark and an administrative fine of SEK 10 million.
Credit market company Kredit AB Marginalen shares its Managing Director, Board of Directors and staff with Marginalen Bank and, like the bank, has demonstrated deficiencies in its handling of credits issued to closely related parties. Senior management has decided on these credits itself and the Board of Directors has improperly delegated the decision-making right for such credits.
As opposed to the bank, Marginalen Kredit cannot be burdened with earlier deficiencies in other firms in the financial group and the company is therefore receiving a remark and an administrative fine of SEK 5 million.
