Nordea has breached fund agreement, claims Swedish Pensions Agency

The bank is reported to have offered better mortgage rates to customers that select its funds on the premium pension system. This is a direct breach of the agreement for Fondtorget.

Photo: PR / Pensionsmyndigheten

The Swedish Pensions Agency (SPA) claims that Nordea has broken the rules for inclusion on its fund platform Fondtorget. This claim has been made as part of a recent discussion with the Swedish FSA, financial daily Dagens Industri writes.

As part of the first step of the pension reform and its 29-point program, fund managers are not allowed to use their premium pension funds in order to offer better deals on other products, such as mortgage loan interest rates.

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