Swedish Financial Supervisory Authority launches in-depth review of major banks’ handling of consumers’ right to a payment account

The Swedish Financial Supervisory Authority (Finansinspektionen) has opened a follow-up supervisory review into how banks meet their duty to offer consumers payment accounts, after previously flagging cases where consumers were refused accounts or had existing accounts closed. The work builds on a 2023 mapping that found banks needed to do more to avoid unnecessarily limiting individuals’ access to financial services. The authority will convene Handelsbanken, Nordea, SEB and Swedbank for meetings in spring to examine how they handled the right to a payment account in 2023 and 2024 and to present any developments or changes made since the earlier review. The assessment also considers how banks balance this obligation with their anti-money laundering responsibilities, with the authority emphasising that any restrictions should be limited to cases where absolutely necessary and based on individual customer assessments rather than generic factors. Finansinspektionen is also considering additional follow-up measures, including improved statistics on refused and terminated payment accounts.