The Swedish distributor has been found in breach of compliance provisions in the structured products and insurance instruments.
Garantum Fondkommission ( Garantum) has been fined SEK16m (US$1.8m) by the Swedish Financial Supervisory Authority (Finansinspektionen) over its violation of compliance provisions on Wesnesday (17 December). The investigation, which lasted for nearly three years, aimed to ensure the consideration of customer interests when providing investment advice to retail customers and was limited to such advice provided by the advisory firm’s tied agents concerning two types of structured prod