Questionable company would have 250 000 forms – creating chaos – Swedish Dagbladet

Monica Petersson, pensions expert at the Swedish pensions Agency. Photo: Maja Suslin / TT and Tomas Oneborg / SvD

Pensions Agency for a fight against rogue fund intermediaries lurking individuals to switch funds within the premium pension system. The Agency has recently reported to the police two different fund intermediaries. It is the Swedish fund & amp; insurance analysis and Lundstedt fund and finance. Both companies have acted frivolous, according to the authority. Among other things, they changed the funds for pension savers, but that they had to accept the change.

It is not alone. There are several fund managers caller PPM savers and try to induce them to switch to the funds that the trustee sells. Several of these are taking the opportunity to do it with so-called fund switch forms.

– We get bulk orders of fund forms. Some of our cases are now overdue. It’s completely insane, says Monica Petersson, pensions expert at the Swedish Pensions Agency.

She says that around 240,000 forms were ordered recently, ie close to a quarter million. Bulk orders have led to the Pensions Agency has had to temporarily stop the ability to order forms from the web.

– Our postal delayed because of the large amount of outgoing fund switch forms. We have problems sending out decisions and other documents are important. It could be on notice to retirees, says Monica Petersson.

She explains that the ability to make changes to a fund form on paper are for everyone, even those without a PC banking ID or e-ID, to be able to make or change their fund selection. But the large amount of fund form orders made by fund management companies.

How it works: Individuals are called by fund managers who want you to switch to their particular funds. And in some cases, the seller may it appear that they are calling from the Pension Authority.

– The client is called. Later, the home is a fund switch forms and in some cases an invoice also. On the fund switch form is the Swedish Pensions Agency as the sender, because it is we who send them, says Monica Petersson.

This can reinforce the belief that it is the Pension Authority who have been in contact with the pension saver.

– it is not the customer who has ordered fund switch form, but it is the management that order. Some customers get home ten, twenty forms in the mail, said Monica Petersson, who has taken part in several customer stories.

Customers are invited to write on the form in blank, that is, without to specify what will be bought or sold, and send it to the fund management company, which since then fill in the funds they sell.

– When customers call us up and ask why they have got home a lot of forms as one can ask how good the sell has been, says Monica Petersson.

She notes that it is quite clear that customers have not understood how it happened.

another method is to ask the other party to sign in using mobile banking ID during the call to make a fund switch. In some cases, the change made without the customer’s knowledge.

In order to try to plug the gaps in the system and better protect consumer Pension Agency now tightened the requirements for making exchanges. Nowadays also requires a signature with mobile banking ID to the change to be implemented. This has SvD wrote about earlier.

Among other things, the two police notified the companies, Lundstedt fund and finance and Swedish fund & amp; insurance analysis, have used the method of double login using mobile banking ID.

Through an examination of the IP addresses has Pensions Agency discovered that there have been dual logins in the premium pension system, and noted that around 3000 fund changes have occurred by double-login, and then to the two police notified the companies’ funds.