The Swedish Financial Supervisory Authority (FI) has developed new general advice on how companies operating in the field of credit granting or credit brokerage should act when Swedes shop online.
"The Swedish Financial Supervisory Authority assesses that virtually all consumers who apply for credit from a company subject to a permit will be affected by the new general advice," FI writes.
Companies must collect more information about income, expenses and debts, including the monthly cost of all debts a consumer has.
“All credit purchases”
The industry association Swefintech, which brings together fintech companies and has submitted a consultation response to the proposals, is critical.
All types of digital credit purchases - regardless of the amount and whether they are interest-free - must undergo a credit check every time. Companies are expected to provide information that is difficult to obtain, since we do not have a national debt register in Sweden, says Roslana Cederhage, adding that an interest-free invoice purchase of a few hundred kronor may be subject to the same rules as a significantly larger consumer loan.
Companies need to collect more information and ask more questions of consumers, she says.
This means that companies are expected to act as a national debt and credit registry.
“Fewer credits are granted”
FI writes that the new advice could mean that "slightly fewer credits are granted" if the creditor assesses that there are reasons to advise against taking out a credit with a long repayment period or a monthly repayment amount that "is not in reasonable relation" to the credit amount applied for.
"This mainly applies to smaller loans to consumers with low incomes. However, the Swedish Financial Supervisory Authority believes that it is reasonable from an over-indebtedness perspective that consumers are in some cases advised against these loans," the authority writes.
The amendments are proposed to enter into force on 20 November 2026. The background to FI's proposal is the EU's Consumer Credit Directive.
