The Administrative Court of Appeal approves the Swedish FSA's appeal of the Administrative Court's judgement, which results in a negative effect of SEK 50 million during the second quarter of 2024.
The Administrative Court of Appeal approves the Swedish Financial Supervisory Authority's (Finansinspektionen) appeal of the Administrative Court's judgement. This means that Finansinspektionen's decision on a remark combined with an administrative fine of SEK 50 million applies.
Finansinspektionen decided in June 2022 to issue Resurs Bank with a remark and an administrative fine of SEK 50 million on the basis that Finansinspektionen did not consider Resurs to have complied with the Swedish Consumer Credit Act.
At the same time as Resurs took measures to fully comply with the requirements announced by Finansinspektionen, Resurs chose to appeal the decision to the Administrative Court in order to create clarity in the application of the Consumer Credit Act.
The Administrative Court determined in November 2023 that Resurs' credit assessment process complied with the Consumer Credit Act and thus Finansinspektionens decision was overturned, which had a positive impact on earnings of SEK 50 million during the fourth quarter of 2023.
Finansinspektionen chose to appeal the Administrative Court's judgment, and the Administrative Court of Appeal in Stockholm has heard the case during the spring. The Administrative Court of Appeal has now approved Finansinspektionens appeal and that Finansinspektionens decision in June 2022 shall apply. This has a negative effect of SEK 50 million for the second quarter of 2024.
– We will now analyze the judgment and then decide how to proceed, says Magnus Fredin, CEO Resurs Bank and Resurs Holding.
MORE INFORMATION
Magnus Fredin, CEO Resurs Bank and CEO Resurs Holding.
Can be reached through press contact Måns Renntun, +46 70-984 96 20, mans.renntun@resurs.se