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Swedish FSA ends Swedbank probe without imposing any penalties

Staff Writer |
Sweden's financial watchdog said it was ending a probe into how Swedbank dealt with potential conflicts of interest related to the activities of former executives without imposing any penalties.

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The watchdog said the investigation had found faults in how the bank dealt with the issues but that these were not substantial enough to warrant taking any further action in the case.

The Financial Supervisory Authority launched the probe after reports that some members of the bank's top management had been involved in property deals as a sideline to their jobs, sometimes with the bank's own customers.

"The FSA found deficiencies in Swedbank's processes," the watchdog said in a statement.

"The FSA, however, does not consider that the bank has neglected its duties according to the law and regulations in such a way that there is a reason for the FSA to take action."


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