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Norwegian FSA criticizes Odin for pricing practices

According to the Norwegian FSA, fund manager Odin lacks good practices to ensure that customers aren't exposed to unnecessary costs.

Bjørn Edvart Kristiansen, CEO of Odin | Photo: ODIN

Following a digital supervision of Norwegian fund manager Odin Forvaltning, Norway's Financial Supervisory Authority (FSA) found a few things worth mentioning. The most noteworthy find, says the FSA, is Odin's internal pricing practices.

"It is the assessment of Finanstilsynet [the Norwegian FSA, -ed.] that the company has not adequately worked through, detailed and documented its pricing process, which can help ensure that funds and shareholders aren't imposed unnecessary expenses," the FSA writes in a report.

According to regulation, asset managers must have updated their pricing procedures at all times to ensure against unnecessary costs for customers.

Pricing procedures must also be documented to allow for supervision.

(This article was provided by our Norwegian sister media, FinansWatch.no)

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