The Financial Supervisory Authority of Norway published an inspection report identifying shortcomings in Kredinor’s handling of client money, debt collection claims and ICT controls. The findings included transfers between client accounts, bank fees that reduced amounts credited to a client account, incorrect claim specifications and deviations in default interest calculations. For a specific portfolio, a reminder fee had been included in the principal amount, while interest calculation errors resulted in debtors paying too little default interest and the creditor receiving too little. The authority also required Kredinor to review ICT outsourcing agreements to ensure appropriate access and audit rights, conduct annual enterprise-level testing and training for crisis arrangements, update contingency plans based on its business impact analysis, and document compliance with maximum tolerable downtime limits. Kredinor has changed relevant client account procedures, begun correcting the identified collection cases and started reviewing its outsourcing agreements. It plans to conduct an enterprise-level contingency exercise by the end of 2026.
2026-09-03Norwegian Finanstilsynet
Financial Supervisory Authority of Norway identifies client money, debt collection and ICT control shortcomings at Kredinor
The Financial Supervisory Authority of Norway identified shortcomings in Kredinor’s client money handling, claim specifications, default interest calculations and ICT controls. Kredinor has begun corrective work and plans an enterprise-level contingency exercise by the end of 2026.