Retailers face new consumer-credit duties from 20 November

Retailers that offer or arrange consumer credit will face new requirements on staff knowledge from 20 November. Serious breaches could result in a ban on continuing their credit activities.

Konsumentverket, Sweden’s consumer authority, says the rules cover businesses providing credit for their own goods or services, or arranging it through another provider, without requiring a Financial Supervisory Authority licence.

Staff must have appropriate knowledge and experience of the credit they offer, including its costs and the consumer’s rights and obligations. Businesses must also take consumers’ interests into account.

The consumer authority will supervise these businesses. It says penalties can range from SEK 5,000 to SEK 10 million, capped at 10 per cent of the company’s turnover in the previous financial year.

The rules take effect alongside the new law governing housing and consumer credit.

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