SEB Ühispanga Fondid and Hansa Investeerimisfondid gave misleading information to the public
In its resolution, the Financial Supervision Authority has referred to the fact that SEB Ühispanga Fondid and Hansa Investeerimisfondid gave misleading information to the public when advertising their pension and investment funds.
In the yield forecast of Hansa Fondifond 30, Hansa Fondifond 60 and Hansa Fondifond 100, AS Hansa Investeerimisfondid published the following advertising claim:“Choose the most suitable fund from among three different strategies and leave inflation in the dust!” According to investment fund law, information published about the funds may not be misleading or contain forecasts about the expected financial results of the fund. Yields can be forecast only for those funds where yields are guaranteed.
A similar forecast was published by AS SEB Ühispanga Fondid, on its website, about the future yields of SEB Ühispanga Progressiivne Pensionifond and SEB Ühispanga Konservatiivne Pensionifond. In addition, AS SEB Ühispanga Fondid published misleading information in the advertising of SEB Ühispanga Fondifond which compared its funds with the funds of AS Hansa Investeerimisfondid.
The website of the SEB Eesti Ühispank group claimed that the exit fee of SEB Ühispanga Fondifond was the lowest on the market and that all Hansapank funds had an exit fee of 1.5%. According to the terms of Hansa Fondifond 30, Hansa Fondifond 60 and Hansa Fondifond 100, the return fee of shares is actually not higher than 1% of the net value of shares. At the same time it was said that the above funds of Hansa Investeerimisfondid have fixed shareholding strategies, which is untrue. In addition, it was claimed that the transferring of shares between the various funds of the Hansa Investeerimisfondid will bring the investor additional costs, which is also not true. Fund managers have fully taken the notes made by the Financial Supervision Authority into account.
“Publication of misleading information about pension and investments funds is regrettable. Ethical advertising of banks, funds and insurance can be developed only on the basis of the conscience of market players themselves. Unfortunately, in an aggressive and competitive situation, self-regulation no longer works. In the environment where various financial services are increasingly integrated, the Financial Supervision Authority will focus more and more on ensuring that public information is clear and accurate," said Chairman of the Financial Supervision Authority Raul Malmstein.
In the near future, the Financial Supervision Authority plans to propose to lawmakers to more accurately regulate the advertising and information activities of banks, funds and insurance companies.
In connection with the publication of misleading information, the Financial Supervision Authority also awarded fines, taking into consideration the fact that at present the maximum fine for financial sector crime is EEK 50,000, both by the penal code and various laws.