Swedish Financial Supervisory Authority’s preliminary assessment of Resurs Bank’s credit assessments
Resurs Holding AB’s wholly owned subsidiary Resurs Bank AB (“Resurs”) is subject to an investigation by the Swedish Financial Supervisory Authority (Finansinspektionen) for the purpose of examining whether the bank’s credit assessments comply with Chapters 6 and 12 of the Swedish Consumer Credit Act (2010:1846) and Finansinspektionen’s general guidelines regarding consumer credit (FFFS 2014:11).
Today, Resurs received letter from Finansinspektionen according to which Finansinspektionen’s preliminary assessment is that Resurs Bank does not base its credit assessments on adequate data and thus is non-compliant with the Consumer Credit Act. In light of this, Finansinspektionen’s preliminary assessment is that Resurs Bank has not observed adequately sound lending practices and has not acted in compliance with the Consumer Credit Act. Finansinspektionen is considering taking action against Resurs Bank.
Resurs Bank does not share Finansinspektionen’s preliminary assessment and believes that the assessment contradicts the provisions of the Consumer Credit Act and EU law as interpreted by the Supreme Administrative Court’s statement regarding credit assessments in decision 2017 ref. 64. Resurs Bank believes that the method recommended by Finansinspektionen entails substantial encroachment on consumer privacy and self-determination. Furthermore, it is not probable that the method would offer any better consumer protection. If Finansinspektionen upholds its preliminary assessment in a decision, Resurs Bank will consider appealing the decision.
Resurs Bank has been given the opportunity to respond to Finansinspektionen’s considerations and is to submit a statement no later than 2 March 2022.
For additional information:
Nils Carlsson, CEO, nils.carlsson@resurs.se, +46 766 44 77 00
Sofie Tarring Lindell, CFO & Head of IR, sofie.tarringlindell@resurs.se, +46 73 644 33 95
This information is information that Resurs Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 17:00 CET on 8 February 2022.
About Resurs Holding
Resurs Holding (Resurs) operates through its subsidiary Resurs Bank and since its start in 1977 has established itself as a leading partner for sales-driven payment and loyalty solutions in retail and e-commerce. Resurs has thus built a customer base of approximately 6 million private customers in the Nordics. Resurs Bank has had a banking licence since 2001 and is under the supervision of the Swedish Financial Supervisory Authority. The Resurs Group operates in Sweden, Denmark, Norway and Finland. At the end of the fourth quarter of 2021, the Group had 617 employees and a loan portfolio of SEK 33.3 billion. Resurs is listed on Nasdaq Stockholm.