Swedish Financial Supervisory Authority - Finansinspektionen - Revokes The Authorisation For Nordisk Kapitalförvaltning

Insurance broker Nordisk Kapitalförvaltning AB has had several material deficiencies in its business operations. Such deficiencies relate to the provision of investment advice and information to customers and that its brokers have not had sufficient knowledge and competence. Finansinspektionen has therefore decided to revoke the company’s authorisation.

Nordisk Kapitalförvaltning AB has had material deficiencies in its advice to customers. The company has systematically mediated expensive and high-risk investments to its customers without taking into account their individual wishes or needs.

At the same time, the company has had material deficiencies in the information given to customers and its documentation of the investment advice. Moreover, several brokers have been lacking in the necessary skills and competence for their tasks. As a whole, the deficiencies are so serious that FI has revoked the company's authorisation with immediate effect.

Nordisk Kapitalförvaltning has provided investment advice and mediated life assurance policies and shares in mutual funds. The company has approximately 900 customers.