Exceed Capital has Authorizations Pulled by Swedish Regulator

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The Swedish regulator, Finansinspektion, or FI, has recently withdrawn its authorization of Exceed Capital Sverige AB. Due to the decision from FI, the company has officially lost any and all of its authorizations and is now barred from conducting any form of regulated business.

Officially Barring Any Regulated Business

This decision to sanction the company was made by the Board of Directors of FI itself, which was held at an extraordinary meeting on Tuesday this week.

Exceed stands as an investment firm, operating primarily as a consumer advice provider when it comes to various financial instruments. They did so through tied agents, as well as their own financial advisor. The company itself had approximately 40 employees and served approximately 10,000 customers.

Only Providing Predatory Advice

The investigations from FI had revealed that Exceed had breached key customer protection rules within the securities legislation, having done so on a continuous basis. An example of this would be that the company had advised customers, typically from an older age, to invest their savings within risky, complex products.

The company did so without first ensuring that the client themselves held the needed knowledge regarding the investments in order to grasp the large amounts of risk. Another key example stands in the fact that Exceed had provided directly misleading information in regards to fees to their customers.

As a result of this, Exceed had failed in demonstrating its duty to care towards the customers, as mandated by law. To add insult to injury, the company had also hindered the work of FI when it tried to investigate these matters, to begin with.

Crime And Punishment

Due to all these factors, FI made its decision. This decision, in turn, has officially forbidden Exceed from making any form of investment advice in the future. Furthermore, any form of regulated business activity that Exceed had done, must now be discontinued in an organized manner. Exceed will contact each of their customers, providing them with more information in regards to how the winding-up process will take place as time goes on.

FI further mandated that Exceed must be wound up before the deadline, which has been set on the 2nd of December, 2020.

With any luck, this matter as a whole will be settled, and the individuals who had been wrongly advised to invest in very risky products will be able to regain their various holdings. The sheer amount of money that rolls through the finance industry makes things like this inevitable. The world relies on regulators like FI to make sure they can’t do this indefinitely.

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