Freedom Finance Kreditservice AB approved as consumer credit intermediary by the SFSA
The loan broker Freedom Finance Kreditservice AB, a subsidiary of Ceratiidae II AB (publ.) and part of the Freedom Finance Group, has received its permit for consumer credit intermediation from the Swedish Financial Supervisory Authority (‘SFSA’). The permit means that the company can continue to grow and help consumers choose the right loans.
The background to the permit is a government proposition with the aim to improve consumer protection in the credit process to minimise the risk for exaggerated indebtedness. For example, the business must be operated in a sound manner, both with regards to management and owners. With the market now regulated and under the SFSA’s oversight, the inspection can control and interfere if participants do not follow the rules.
”This type of regulations are very helpful for our customers, and for the industry as a whole. We remain highly positive to a more regulated market that can help the industry keep high quality among all participants” says Björn Lander, CEO of the Freedom Finance Group.
The regulations mean, for example, that all consumer credit intermediaries must deliver quarterly reporting to SFSA, and new individuals in management or large ownership changes must be approved. Loan brokers that have received the permit has had their internal processes and systems assessed and approved according the regulations. If a loan broker violates the rules, the SFSA can withdraw the permit and the company would have to cease with their operations immediately.
”With 15 years of experience, most in the industry, we have managed to build a broad organisation with broad knowledge, sophisticated systems and well-functioning processes. We put significant efforts on education and certification of staff, and have both a Compliance Officer and a Legal Counsel that ensures our further adherence to laws and regulations” says Björn Lander.
Read more about the permit here (in Swedish).
For further information, please contact:
Björn Lander, CEO, Freedom Finance Group
+46 431 47 47 00, bjorn.lander@freedomfinancenordic.com
About the Freedom Finance Group
The Freedom Finance Group is a leading North European loan broker that facilitated more than 5bn SEK of loans in 2014. It is headquartered in Ängelholm, Sweden, and is operating on the Swedish, Finnish, Norwegian and German markets. It is owned by the private equity fund H.I.G. Europe Capital Partners L.P., and Management.
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