The has cost pension savers billions – the Business

the Falcon Funds have collecting money by illegal methods.

today told the Authority about the boats with the skandalomsustade fund management Falcon Fund, which in the summer were thrown out from the premium pension system. Overall, the savers who had their money with the company having lost billions in something that Pensionsmyndighetens general counsel Mikael Westberg call the proposals an economic crime. The case has also been given authority to consider whether to request that the supervisory responsibility of premiepensionsfonderna change.

Falcon Funds listed three funds in the premium pension system in 2014. After that, the company has, with the help of extremely aggressive methods, which included everything from buying savers on the bulk of failed Positive retirement through to call customers and claim to be calling from the Authority to clean the id-cuts accumulated approximately 22 000 Swedish investor and a total savings of 2.4 billion.

“What has happened, and still happens, is very sobering. In June of this year, I made the decision to remove the Falcon Funds after it emerged that they collected money by illegal methods. After it has Falcon Funds, contrary to the regulations, refused to redeem the shares of the fund. It is only now, in the week that we got back the 650 million sek of the sek 2.4 billion, which were in the funds when we said up the agreement”, says Pensionsmyndighetens director Katrin Westling Palm.

all it is, of course, the individual savers who are affected by this.

“We have never seen something like this in the Swedish premium pension system and the risk of large economic losses for savers is imminent. For individual savers, it is very serious and could affect their pensions hard,” says Mikael Westberg, chief legal counsel at the pension Authority.

The money that is invested in the Falcon Fund of funds will be carried over to the AP7 motorway’s såfa. When it is done, the units that savers have in the Falcon Funds funds to get a course based on how much of the capital is paid back.

“the Transfer will be made on the 1 november and the course will be set depending on how much we have received from the Falcon Funds. The risk that the price is significantly lower than the saved amount is very large”, says Mikael Westberg.

As it looks now it has around 1.7 billion crowns disappeared.

“We will continue to work hard to get the money back, and every penny we receive later will go to savers,” says Mikael Westberg.

this is the first time that the Swedish premium pension system has been subjected for so elaborate crime, and on such a large level. And to sum it all up so there are two circumstances in which it could be implemented. Part of it is the ability of agents to implement fondflyttar within the system and partly the fact that fund management companies that are registered in other countries is, under that country’s supervision and are not accountable to the Swedish financial supervisory authority.

Falcon Funds are registered in Malta and is under the maltese financial supervisory authority. And on the Authority you are thinking now on whether the rules for supervision of the premium pension savings, should be amended.

“We believe that the vast majority of savers believe their savings are under the supervision of the Swedish authorities, but it is not. We will look at whether the current regime needs to be replaced by a regime where it is the Swedish authorities who have supervision over premiepensionssparandet”, says Mikael Westberg.

“An important part of this has also been the ombudsförfarande that you can let someone else implement fondflyttar on behalf of the saver. There, we will also consider whether the opportunity should be taken away”, says Mikael Westberg.

the Authority has been in contact with the financial supervisory authority in Malta and gave the Falcon Funds a warrant to pay out money from the funds. They would have been paid on October 6, but it was only this week that an initial payment of 650 million sek was made. And the question is how much more money there is to pay.

“We have received the new innehvslistor from the Falcon Funds, which is very worrying. In June, the holdings of illiquid assets to 300 million. In the months that have passed since we requested that they would pay back the capital in the funds, this figure has increased to 1.5 billion. This means that we must reckon with the fact that there can be significant losses”, says Mikael Westberg.

Authority sued the Falcon Funds at the Stockholm district court in september and insisted that the money was in the funds when they were taken away from the premium pension system would be paid back and that the company would also reimburse the state for the costs incurred. Now a week has also filed a police report to the serious fraud office.

“We have made a police report so that this also should be able to get a criminal investigation. This is not a bad investment, but a proposals plan which has been going on for a long time”, says Mikael Westberg.

the Authority has successfully implemented a number of measures to prevent anything similar happening again.

“Then we discovered that the implemented id-piracy in the winter, we have changed our procedures for it not to happen again,” says Mikael Westberg.