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Nordnet receives heavy fine from Swedish FSA

Insufficient routines and customer care regarding short selling dating back four years have prompted regulator to issue warning and a nine-figure fine.

Photo: Nordnet

Digital banking and investment platform Nordnet has been issued a SEK 100m (EUR 10m) fine and a warning from the Swedish financial regulator. The reason is inadequate routines regarding a service called intraday short selling, something that has been a problem area for the bank since 2018.

The Swedish FSA has concluded that the Nordic digital investment platform also has insufficient internal guidelines and risk management, which has led to deficient customer care, the regulator writes in a statement.

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