The Swedish Financial Supervisory Authority went out on Thursday and stated that they want Swedish banks to inform their consumers before any interest discounts expire.
“In order to strengthen the consumer’s position in the mortgage market, the Swedish Financial Supervisory Authority is currently referring to new general advice that mortgage companies should inform consumers that the interest rate discount on mortgages is expiring. Fi is also referring a proposal for a new method for calculating interest rate compensation,” the authority writes in a press.
They believe that all interest discounts customers at the banks may also have to expire, which can affect most people with higher costs. If this is done without clear information from the bank, you risk making communication against the consumer and the market less transparent.
Therefore, they want to introduce requirements against the banks in the form of new provisions in the Consumer Credit Act, which means that from 1 July 2025 the banks will be required information about the interest rate discount expires.
– The conditions need to be clearer. It is unreasonable that consumers suddenly receive a higher interest rate without having clear information about it. The mortgage companies should give their customers an honest chance to negotiate their interest rate, says Moa Langemarkconsumer protection economist at FI, in the press release.
The new general councils Finansinspektionen wants to introduce means that the mortgage company simply must inform the consumer that the discount on the mortgage rate is about to expire and it must then be done in writing and at least one month in advance,
“Furthermore, FI proposes new general advice on the calculation of interest rate compensation, that is, the compensation that consumers must, under certain circumstances, pay to mortgage companies if they pay -bound mortgages,” the authority writes in the press release.