The Swedish Securities Markets Association works to ensure that the securities market is characterised by a high level of confidence with well-functioning markets that meet the needs of financial services for households and companies. This, while there is still a high level of protection for consumers. In simple terms, the Swedish Securities Markets Associations’ work on consumer issues can be divided into two areas: regulatory work aimed at strengthening the position of consumers, and financial education work aimed at increasing consumers’ knowledge and understanding of the Swedish securities market.
Regulations and information
There are many rules governing how companies should act towards their customers on the securities market. These include, for example, the information to be provided, the management of conflicts of interest and the need for firms to safeguard consumers’ interests. Consumer issues are an important part of the Swedish Securities Markets Associations’ work on the securities market and permeate much of its work.
Over the past ten years, a number of regulations have been introduced that aim to strengthen the position of consumers in the securities market. Examples of such regulations are MiFID II and PRIIPs. The Swedish Securities Markets Association works actively with regulatory monitoring by maintaining a dialogue with Swedish authorities and with authorities and industry organisations internationally.
As part of the Swedish Securities Markets Assocations’ commitment to consumer issues, the association has a number of partnerships that all aim to provide financial education by increasing consumer knowledge and understanding of the Swedish securities market and by promoting consumer issues. This is done primarily through a number of engagements that the Swedish Securities Markets Association supports financially and by contributing with its long experience from, and knowledge of, the securities market. Some examples of involvement in this area are shown below.
Ung Privatekonomi exists to inspire and educate Sweden’s upper secondary school students about personal finance and savings. Every academic year, information officers visit schools to spread knowledge and information. This is done partly by giving lectures and partly by distributing the book “Ung Privatekonomi” free of charge. This is done with the intention to give students the conditions to understand the importance of personal finance and savings. Every year Ung Privatekonomi educates between 20-30,000 young people around the country.
The Swedish Consumers’ Banking and Finance Bureau (Konsumenternas Bank och Finansbyrå)
Konsumenternas Bank- och Finansbyrå provides private individuals with independent facts and free guidance on payments, loans, savings and pensions. The Bureau informs about and compares securities and explains laws, rules and conditions on the securities market. Education is an important part of its activities. The Bureau primarily educates people who will in turn educate others or help consumers with problems themselves. The Consumers’ Association also tells consumers how they can proceed in various matters such as complaints, but does not try any disputes itself.
Gilla din ekonomi
Gilla Din Ekonomi is a network consisting of authorities, organisations and companies that cooperate, initiate, develop and inspire each other in matters of private finances and public education in this area. The aim is to increase understanding and knowledge of personal finance by disseminating knowledge through various information and training programs.