Banks Closing Accounts at Record Pace - FI Launches Investigation

The Swedish Financial Inspectorate (FI) has launched a comprehensive investigation into banks' handling of customer accounts after new figures reveal that the four major Swedish banks denied or closed 54,000 accounts during 2024. This figure is sending shockwaves through the Swedish banking sector and highlighting a conflict between banks' risk management and consumers' rights.

FI's investigation shows that banks are closing accounts at a record pace, which seriously affects people's ability to participate in society. Many of those affected lack access to payment services, which in turn limits their ability to shop, rent housing, or access other financial services.

Many affected but no overall picture

Many of the 54,000 accounts that were denied or closed were due to insufficient customer knowledge, especially for people without traditional Swedish ID documents. FI notes that banks too often apply general assessments instead of making individual evaluations.

There is no reliable overall picture of how many people are affected when banks close accounts, and FI considers this unacceptable. Every person without a bank account risks being excluded from the financial system, creating a digital underclass.

Banks' risk management vs. consumer rights

FI warns that banks are applying overly general assessments instead of individual evaluations. This creates a conflict between banks' responsibility for risk management and consumers' statutory right to a payment account under the Payment Services Act.

The bank is responsible for assessing whether a customer can provide sufficient information about their financial situation and business operations to enter into agreements. But when banks close accounts without individual assessment, consumers' fundamental rights are at risk.

Experienced staff replaced with automation

FI's investigation has also revealed that many case officers are afraid of making mistakes. Experienced case officers have been laid off and replaced with automated solutions, causing banks to lose the human expertise needed to handle complex individual cases.

The automation that replaces experienced case officers leads to standardized procedures having too much influence on decisions that should be made based on each individual customer's unique circumstances.

FI working on new guidance

FI is now working on new guidance for how banks should apply the regulations on customer knowledge and risk assessment. The goal is for banks to manage their risks in a way that simultaneously ensures customers have access to payment services.

"Banks' handling of accounts is a central issue for financial inclusion. Every person without a bank account risks being excluded from the financial system," says a representative of FI.

Government responsibility

FI also points out that the government bears responsibility for creating conditions that enable banks to manage their risks while ensuring consumers have access to payment services. This requires both clearer regulations and better resources for handling complex cases.

Swedish banks have a major responsibility to ensure that everyone who needs access to payment services can get it, while managing their risks in a responsible manner.

Source: Financial Inspectorate (FI) Realtid.se, May 2026