FIN-FSA issues a public warning to Nordea Bank Finland Plc for breach of the Payment Services Act
The Financial Supervisory Authority (FIN-FSA) has issued a public warning to Nordea Bank Finland Plc (Nordea). Over the period 12 January 2011–31 July 2013, Nordea breached the provisions of the Payment Services Act on payment execution times.
Nordea was in the aforementioned period in breach of the Payment Services Act’s provisions on incoming and outgoing payments. The disruptions in its payment transmission and the resulting breaches of the Payment Services Act were recurrent, and, during the period in question, the bank failed to correct the deficiencies that caused the disruptions to the payment systems, despite the severity of the disruptions. In many cases, the disruptions involved tens of thousands of payments.
Nordea has since partly corrected the deficiencies. No delays in breach of the Payment Services Act have occurred since July 2013 and the number of disruptions in the payment systems has declined as a result of corrective measures taken by Nordea.
During the period in question, the FIN-FSA has identified only individual payment delays in payment transmission by other banks. These banks have taken corrective measures, and the breaches of the Payment Services Act have not been recurrent.
The FIN-FSA’s decision does not yet have legal force. The company has the right to appeal the decision of 6 March 2014 to the Market Court within 30 days of its receipt of notice of said decision.
For further information, please contact
- Ms Marja Nykänen, Head of Institutional Supervision, tel. +358 10 831 5247
- Decision by the Financial Supervisory Authority (in Swedish, pdf)