Financial Protection Agencies


Before investing money, buying insurance and opening a bank account, it is important to do research to ensure that the company handling your money is reliable. For financial services in Scandanavia, it is essential to become familiar with the following regulatory agencies that ensure financial protection.
It is a fact that broker disputes often arise or there may be a disagreement with a credit card company or a bank. In the case of a chargeback, a customer may not have received the expected result from an issuing bank and may wish to complain to a government authority.
The following is a list and summary of financial protection agencies is Denmark, Sweden, Norway, Iceland and Finland. For financial protection services regarding cases that deal with more than one EU country, it is best to also consult EU financial protection agencies.
Professionals at Pengeretur provide information to consumers about credit card chargebacks, wire recalls and other fund recovery strategies. We advise clients on the chargeback process and these best ways to pursue fund recovery, particularly for merchant or broker disputes.


Denmark – The financial complaint board

The financial complaint board is approved under sec. 6.1 of The Danish Act on Consumer Complaints to handle complaints against financial institutions.

The board primarily handle complaints from private consumers.

Before you complain to the Financial Complaint Board, you must have complained to the Financial Institution, and received a rejection, an unsatisfactory answer or no response received within five weeks after the department has received your complaint. In all departments there is a person responsible for complaints. Your financial institution can state who is responsible for complaints.

Denmark-Danish Financial Supervisory Authority (DFSA) (Finanstilsynet)

The DFSA or the Finanstilsynet is part of the Ministry of Economic and Business affairs and serves as secretariat for the Danish Securities Council. Its role is to regulate and collect information on various financial institutions operating in Denmark, including: banks, stock exchanges, brokers, insurance companies, pension funds and more. 

Its main functions are to increase transparency and improve reporting among financial institutions and to provide information for consumers in Denmark. It lists companies and financial institutions under supervision and deals with complaints and disciplinary measures. 

Sweden–Financial Supervisory Authority (Finansinspektionen)

The Financial Supervisory Authority of Sweden operates under Sweden’s Finance Ministry and is responsible for licensing and regulating financial institutions in Sweden. It also provides information, advice and protection to consumers. The Authority provides guidelines for financial companies seeking licenses and regularly gives oversight and inspections. It also reserves the right to revoke licenses when the situation calls for it. 

The Financial Supervisory Authority reports on financial companies that provide sub-par service or who falsely claim to be licensed. It also acts as a troubleshooter and informs the government of issues with financial companies that may impact Sweden’s economy or consumer safety. The Authority also provides consumer with risk assessments of various financial services to allow them to determine the best opportunities. 

Financial Authority of Norway–Finanstilsynet

The Financial Authority of Norway or Finanstilsynet provides transparency into Norway’s financial institutions, such as banks, insurance companies, brokers, and more. The government organization issues licenses to these institutions and demands reporting and inspection from licensees on a regular basis. The site provides details about the supervisions process and allows consumers to file complaints against financial institutions. 

The Finanstilsynet gives customers information about licensed institutions and informs them of those that have received warnings from the authority. It also is a resource of details about consumer protection laws and regulations governing financial companies. The Finanstilsynet performs a risk assessment of financial services that are meant to assist consumers. 

Finland-FIN-FSA-Financial Supervisory Authority 

Finland’s FIN-FSA or Financial Supervisory Authority ensures regulation and provides consumers with information about banks, brokers, capital markets, and insurance companies. Its task is to give transparency into financial markets and to assess risks so consumers can make safe and profitable financial decisions. 

The FIN-FSA issues and executes guidelines for the financial industry in Finland. It makes these regulations open to the public so consumers are aware of their rights and the obligations of financial services. The FIN-FSA also issues warning lists about problematic financial companies and up-to-date news and research that will keep consumers aware of financial risks and trends. They also serve as a watchdog to prevent money laundering and other types of fraudulent behavior. 

Iceland: Central Bank of Iceland-Financial Supervisory Authority (CBI-FSA)

The Central Bank of Iceland and the Financial Supervisory Authority merged in 2020. The FSA still does all of its tasks but under the aegis of the CBI. The FSA provides licenses to financial institutions in Iceland, ensures compliance with regulations, and provides services to consumers. It publishes detailed rules and guidelines governing the regulation of financial companies as well as information about financial services to customers. The FSA also deals with consumer complaints and has developed a special complaints committee for this purpose. 

EU: The European System of Financial Supervision (ESFS)

The European System of Financial Supervision consists of several organizations, including the European Systemic Risk Board, European Banking Authority, European Securities and Markets Authority, and European Pensions and Occupational Pensions Authority. Consumers and organizations seeking assistance should apply to the relevant organization within the ESFS. 

Each sub-organization is responsible for enforcing regulations in its category, providing transparency about these rules and information to consumers. They also provide peer reviews, mediation services and can address consumer complaints to the relevant authorities. 

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