Finansinspektionen (FI) has released new general advice aimed at companies working with online credit provision and intermediation. The authority assesses that virtually all consumers who apply for credit during e-commerce will be affected by the new guidelines.
The changes mean that companies must collect more detailed information about consumers' finances. This includes information on income, expenses, and the monthly cost of the applicant's total existing debts.
The industry organization Swefintech, which represents Swedish fintech companies, has submitted a response to the proposal and is critical of the design. Roslana Cederhage, Secretary General of Swefintech, points out that an interest-free invoice purchase of a few hundred kronor may be subject to the same regulations as a larger consumer loan.
All types of credit purchases digitally – regardless of amount and whether they are interest-free – must undergo a credit check each time. Companies are expected to deliver data that is difficult to obtain, as we do not have a national debt registry in Sweden, says Roslana Cederhage to TT.
She further notes that the new requirements risk limiting access for certain consumer groups.
It makes it very difficult for many target groups, not least for those who have a low pension or low income, she says.
Finansinspektionen states in its documentation that the new advice may lead to slightly fewer credits being approved. This specifically applies to situations where the lender discourages loans with long repayment terms or where the monthly amount is not in reasonable relation to the requested amount. The authority believes that it is reasonable from a perspective of over-indebtedness that consumers with low incomes are sometimes denied these smaller credits.
Background in EU Directive
The new general advice from Finansinspektionen is based on the EU's new Consumer Credit Directive (CCD2), a change that Svensk Handel has previously outlined. The directive is implemented in Sweden primarily through a new Consumer Credit Act.
According to Svensk Handel, the legislative amendment means that the scope of application is broadened. This means that solutions such as "buy now, pay later" and interest-free invoice credits are covered to a greater extent than before. In addition to the requirements for credit checks, the rules for how credits may be marketed and what prior information must be provided to the consumer via the so-called SEKKI form are also tightened.
The legislative amendment also introduces new permit requirements. Smaller companies will generally be supervised by the Consumer Agency, while larger companies will be supervised by Finansinspektionen and require permits from them.
The changes are proposed to enter into force on November 20, 2026. New businesses must have their permits in place by this date, while existing actors have a transition period until November 20, 2027, to apply for permits.