The Swedish Financial Supervisory Authority requests an opinion from Collector

The Swedish Financial Supervisory Authority (“SFSA”) requests an opinion from Collector as a continuation of the previously initiated open theme investigation regarding credit process evaluations of consumer credits, including Collector and a number of other players on the Swedish consumer lending market. The investigation was initiated in 2020, and was based on credit evaluations made during parts of 2019, and the SFSA now requests an opinion from Collector.

The SFSA initiated an open investigation on 29 January 2020, regarding credit evaluation processes for consumer credits, including Collector and a number of other players on the Swedish consumer lending market. The investigation, called a theme investigation, includes a number of players on the Swedish consumer lending market and is based on credit applications made between 1 June 2019 and 30 September 2019. The SFSA has, as part of this investigation, sent a reconciliation letter and Collector has answered the questions sent by the SFSA.

On 9 February 2022, Collector received a reconciliation letter from the SFSA, which concludes a preliminary assessment that the bank does not base its credit assessments on adequate data and hence is considered non-compliant with the Consumer Credit Act (Chapters 6 and 12 of the Swedish Consumer Credit Act (2010:1846) and the SFSA’s general guidelines regarding consumer credit (FFFS 2014:11)). In light of this, the SFSA’s preliminary assessment is that the bank has not carried out adequately sound lending practices and has not acted in compliance with the Consumer Credit Act. The SFSA is hence considering taking action against Collector, supported by 15:1 Banking and Financing Business Act.

– We support that the SFSA is reviewing credit evaluation processes for consumer credits in Sweden to ensure that the industry carries out sound lending processes. Sound and sustainable credit evaluation processes are of great importance for Collector, and we continuously strive towards improving these processes, says Martin Nossman, CEO of Collector.

Collector has been given the opportunity to respond to the SFSA’s considerations and is to submit a statement no later than 2 March 2022.

For more information, please contact:
Martin Nossman, CEO
Phone: +46 70 330 26 75
E-mail: martin.nossman@collectorbank.se

Madeleine Mörch, Head of IR & Communications
Phone: +46 73 712 04 52
E-mail: madeleine.morch@collectorbank.se

This is information that Collector AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 9 February 2022 at 21:30 a.m. CET.
 

Collector specializes in financing solutions for corporates and private individuals, with particular focus on small and medium-sized companies. We are the corporates' complement to larger traditional banks. The corporate offering includes real estate lending, corporate lending and factoring as well as payment solutions. Our services for private individuals include personal loans, invoice and payment by instalment services, credit cards and deposit accounts. The company has offices in Gothenburg (headquarters), Stockholm, Helsinki and Oslo. Collector AB (publ) is listed on Nasdaq Stockholm.

Collector AB (publ) 556560-0797 | Box 119 14, SE-404 39 Gothenburg | Switchboard +46 10-161 00 00 | E-mail info@collectorbank.se | www.collector.se/en/