Skip to Primary Navigation

Avida Finans sanctioned and given reprimand for insufficient credit checks

Spread of different Swedish bank notes.
Photo: Getty Images

The loan firm granted customers loans on more than 30 occasions which should not have been approved.

Finansinspektionen, the Swedish Financial Supervisory Authority (FSA), has sanctioned the loan agency Avida Finans AB SKr 20m ($2.1m) for granting loans to consumers even though they lacked the ability to repay them.

The FSA conducted an investigation into how the company complied with the requirements in the Consumer Credit Act

Get full access, free for a month

This is a Premium article. Start your 28-day free trial to continue reading and access all content on GRIP – no payment details required.

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience