AMWatch

Watchdog pulls plug on scandal-plagued firm with distribution ties to fund managers

Financial house Nord Fondkommission has had its plug pulled by the Swedish FSA after a long investigation into its advisory services. The decision also has ramifications for all of the firm's affiliated agents, including one of Sweden's biggest robo-advisors. Nord is also a distributing partner of some of the country's best known fund managers.

Finansinspektionen (Swedish FSA) -- Stockholm head office | Photo: https://www.fi.se/en/about-fi/

On Wednesday, October 14 the Swedish FSA issued a press statement informing the public of its decision to withdraw all authorization for financial house Nord Fondkommission.

The FSA's motivation was that the securities firm Nord has "severe deficiencies in its advisory activities and other areas". Withdrawing its permit to operate as a securities firm means that Nord now has to cease all its regulated activities. It is no longer allowed to provide advice or sell financial products and it must divest by January 2022.

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