The Swedish Financial Supervisory Authority has launched a consultation on new regulations and general guidelines for consumer credit to reflect the new European Union Consumer Credit Directive and Sweden’s proposed implementing legislation. The package would replace the current general guidelines on consumer credit, update supervisory guidance on good lending practice and creditworthiness assessments, and introduce a new framework for mortgages and certain other consumer credits, with the largest impact on firms that provide or broker non mortgage consumer credit as an ancillary activity and fall under its supervision. The draft guidance clarifies what information should be included in a credit assessment and how it should be collected and verified, covering income, expenses, debts and other relevant financial circumstances. A separate rulebook would set requirements for firms offering or intermediating other consumer credits than mortgages, including authorization applications, operational rules, fit and proper assessments for owners and management, and staff knowledge and competence requirements. Provisions affecting mortgage credit institutions would remain largely unchanged. The consultation also includes amendments to the fit and proper regime for certain financial firms and consequential changes to rules on mortgage rate information and credit risk management. Comments are due by 18 June 2026. All proposed changes are intended to enter into force on 20 November 2026.
Finansinspektionen2026-05-20
Swedish Financial Supervisory Authority launches consultation on consumer credit rules extending authorization and competence requirements beyond mortgages
The Swedish Financial Supervisory Authority has launched a consultation on new regulations and guidelines for consumer credit to align with the new EU Consumer Credit Directive and proposed national legislation. The package would replace existing guidance on lending practice and creditworthiness assessments, introduce a new framework for mortgages and other consumer credits, and set detailed requirements for non-mortgage credit providers and intermediaries, including authorization and governance standards. The consultation also proposes amendments to the fit and proper regime and changes to rules on mortgage rate information and credit risk management.