The Norwegian Financial Supervisory Authority has published a supervisory report on Nordea Liv Forsikring AS after reviewing the firm's governance and control of customer treatment, including compliance with insurance product governance rules. It found that the distribution of Nordea Liv's insurance-based investment products breached requirements for clear and non-misleading information and for the written personal recommendation required in these sales, meaning customers were not given enough information to understand, compare and assess the products' risks, costs and expected net returns. The authority expects the shortcomings to be remedied by 30 June 2026. The report highlights missing written reasons why a recommended product best met a customer's needs, the absence of a consolidated cost statement in monetary terms in the firm's own digital channel, and cost illustrations that did not reflect the customer's stated investment horizon and excluded relevant cost elements. It also says Nordea Liv's product governance framework was not sufficiently operationalised, citing unclear product review procedures, an insufficiently defined target market for the Fondskonto product and inadequate product testing, which was only qualitative even where quantitative testing was relevant. At the time of the inspection, the Nora robo-adviser did not meet the personal recommendation rules and Nordea Boost's disclosures and documentation were found to be unclear or misleading. Nordea Liv is expected to update its distribution solutions and product governance process by 30 June 2026 and to provide the authority with a status report on the distribution changes by the same deadline. It also criticised internal audit for not planning thematic reviews of compliance with the insurance distribution and product governance rules after the Norwegian regime took effect in 2022, and asked the board to ensure that 2026 audit work prioritises the planned product review and the firm's digital customer advice tools.
Norwegian Finanstilsynet 2026-04-17
Norwegian Financial Supervisory Authority finds breaches at Nordea Liv in customer advice and product governance and requires remediation by 30 June 2026
The Norwegian Financial Supervisory Authority has published a supervisory report on Nordea Liv Forsikring AS identifying breaches in the distribution of insurance-based investment products, including unclear or misleading information, missing written personal recommendations and inadequate cost disclosures. The authority also found that Nordea Liv’s product governance framework and internal audit work were insufficient, and expects the firm to update its distribution solutions, product governance processes and audit priorities by 30 June 2026.