In the early part of 2015, it started to make a call to the Pensionsmyndighetens customer service. More and more premiepensionssparare contacted them to let them know that you have felt let down by aggressive telemarketer. Eventually, more and more information to come about the same entity that conducted a business that is not favored the crews, but only appeared to have as its purpose is to enrich its owners.
the Authority was reached after extensive investigation, noting that there have been questionable transactions of a significant number of mutual funds. Some of them were, in our opinion, only be carried out in order to enrich the owners at the expense of pensioners, the other had been carried out in order to get around the Pensionsmyndighetens rabattstruktur, which also affects pensioners, because of the discount fondavgifter will be returned to the depositors ‚ accounts.
it had, simply, no one has the right to refuse to allow a fund manager, who wanted no part of it. Authority chose, however, to terminate the agreement, with a relatively large number of funds. To date, it has contracts with 10 fund management companies, with a total of 21 funds, was terminated because of a breach of the memorandum of understanding.
as a result of the events brought to the authority a proposal for a 29-point action program to improve the safety of the crews. The politicians in the pensionsgruppen took for themselves the proposals, and the government, and the government’s commitment to implement a change in the law. The introduction of a ban on the sales of the public pension funds. There was also a requirement that the funds in the Pensionsmyndighetens fondtorg would have to have a certain minimum of capital invested in the funds outside of fund marketplace.
the Authority said, up, all the fondavtal, and the funds had to re-apply under the new rules. This process has resulted in the number of funds has fallen from more than 840 funds at the beginning of 2018, to just under 500 to the funds of the day. The reason is that these funds do not live up to the new requirements. At the same time, have the Authority implemented a number of processes for the ongoing review process. Fund marketplace is now a significantly safer place to live in, even if it is not possible to completely rule out the questionable transactions in the future. The politicians in the pensionsgruppen have signed an agreement on stage two of the reform of the legal framework of the fund marketplace, and the current system will be replaced with a purchased fondtorg based on a model of occupational pension schemes. An investigation into how these were presented prior to the christmas season. It is intended that the new regulations will come into force at the end of the year.
Even greater in the socio-economic effects of the decision on the fact that a significant proportion of household financial savings on the side of retirement is in mutual funds. We believe that it is of the utmost importance that the court of appeal in considering such a transaction as this, in our view, has been carried out at a considerable rate, shall be permitted in accordance with Swedish law.
at the same time, the pension Authority have put a lot of time and effort to try and recover as much money as possible for pension savers. The most well-known case is the, and the Falcon. In addition, a number of ongoing processes, and in dialogue with other stakeholders, in order to restore the amount transferred out of the fund.
just three weeks ago, tingsrättsdomen in the criminal case against the Allraföreträdarna „. that case concerned whether a pair of transactions that took place in 2012. In the context of two of the securities were paid a compensation equivalent to 170 million euros. We are of the opinion that a reasonable return on it, rather, should have been a maximum of one million dollars.
In the gärningsbeskrivningen, it appears that, in the case of värdepappersaffärerna reached an agreement on the purchase of shares in a company which is owned by the Allraföreträdarna. The purchase price for the shares amounted to sek 100 million, and a substantial rate, according to the values that we have presented to the court. In this way, the parts of the unpaid consideration for the värdepappersaffärerna to be brought back to the Allraföreträdarna. We believe that the arrangement constitutes breach of trust and bribery. Therefore, we demanded a compensation of 170 million, which we believe to be Allraföreträdarna have enriched themselves at the savers ‚ expense. The district court made a different assessment than that of the public prosecutor and the Authority. After an analysis of the judgment, we, like the prosecutor, come to the conclusion that we would like to appeal the decision to the court of appeal.
You can’t help but to think about the wider implications it would have, if it is deemed permissible to utilize the funds from the savers to the side of the contributions, in the manner that occurred in this case. This would put an unreasonable demand upon the individual to select the investment funds in the mandatory pension savings, which also forms a part of the Swedish social security system. Pensionsspararen would have to assess the managers to walk before he or she uses the funds. An individual also does not have the ability to continually review, that is not questionable transactions to occur.
The warrant is in turn to the question of the state and of the parties to a collective agreement to the forward, should make use of the funds in the pension system, in the way that is done today. Of even greater socio-economic effects of the decision on the fact that a significant proportion of household financial savings on the side of retirement is in mutual funds. We believe that it is of the utmost importance that the court of appeal in considering such a transaction as this, in our view, has been carried out at a considerable rate, shall be permitted in accordance with Swedish law. For savers, the market, and, ultimately, the legislature will need to know how it is at this point.
in the Judgement of the Allramålet is the first ruling in a series of processes that are currently taking place. The final negotiations in the criminal case related to the fund management company Has done this week. In the spring, a new round of negotiations in the hands of the Very place, in the district court. In the case of other transactions, other than those who have been dealt with. This is part of a long-term, goal-oriented work in order to return the funds to the pensioners, who, we believe, have been transferred from the fund marketplace. The only thing you can be sure of is that the Authority will do everything in our power to try to recover the money that is premiepensionsspararna will be lost.
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