The Financial Supervisory Authority, FI, wants to clarify banks’ obligations to offer basic banking services. In a new memorandum, the authority outlines how it intends to guide banks regarding the so-called duty to contract – that is, the obligation in certain cases to accept customers and offer a bank account.

The background is that customers in Sweden are being refused or losing access to banking services, something Samnytt has reported on repeatedly. According to FI, this can have major consequences for individuals, companies, and organizations alike. Lacking a bank account can, in practice, make it difficult to receive a salary, pay bills, manage association activities, or run a business.

Banks already have an obligation today to offer consumers a payment account with basic functions. Such an account should make it possible to receive deposits and make necessary payments. The rules are set out in the Payment Services Act and are based on the EU Payment Accounts Directive.

At the same time, there is a more limited right to a deposit account under the Deposit Guarantee Act. This also applies to legal persons, such as businesses and associations, but does not automatically include payment services linked to the account.

A Well-Documented Problem

FI observes that the problem with denied banking services is well documented, both in Sweden and internationally. The authority has therefore met with several stakeholders to understand why customers are not gaining access to basic banking services.

Among those consulted are the Swedish Bankers’ Association, the National Association of Savings Banks, Företagarna, the Swedish Consumers’ Banking and Finance Bureau, the Ministry for Foreign Affairs, Giva Sverige, LSU, representatives from universities, and organizations within civil society.

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According to FI, the banks claim it is unclear what a “payment account with basic functions” actually entails. They also request clearer guidance on how much they can limit an account’s functions due to anti-money laundering risk without violating their obligation to provide accounts.

From the customers’ perspective, other issues are raised. FI writes that the processes for getting a payment account are perceived as unclear, that it is difficult to get information about what needs to be provided, and that there are practical difficulties contacting banks or submitting an application in the correct way.

Defining Basic Functions

A central part of FI’s forthcoming guidance thus concerns clarifying what a payment account with basic functions really means. The authority states that this concept is particularly important as it is the foundation for banks’ obligations to offer accounts.

At the same time, FI emphasizes that banks must prevent money laundering and other criminal activities. But according to the authority, an increased risk does not automatically mean that a customer should be denied an account or have an existing one closed.

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“Against this background, it is important that banks base their decisions on the individual circumstances of the customer and avoid making decisions to deny or close accounts based on general assumptions about the risks associated with certain customer groups,” FI writes.

The authority underlines that, in many cases, banks should be able to manage heightened risk through risk-reducing measures instead of completely turning away from the customer relationship. This may mean that banks need to accept customers who are less profitable or more resource-intensive, so long as the risk can be managed.

Practical Guidance

FI also plans to provide more practical guidance on how banks should facilitate the process for customers applying for an account. This is important as the legally mandated period of ten banking days for consumers does not begin until the application is complete.

According to FI, this guidance may take several forms: legal positions, general guidelines, and a comprehensive “Questions and Answers” document on the authority’s website. The authority also plans to hold roundtable discussions with industry organizations in the autumn of 2026.

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FI has initiated a regulatory process requiring payment service providers to submit statistical information about payment accounts. The preliminary assessment is that the regulations could be sent out for consultation in early 2027 and enter into force in the second half of the same year. By then, FI will also publish its clarification of the concept of a payment account with basic functions.

A specific issue concerns embassies, consulates, and their staff. FI notes that international conventions oblige Sweden to facilitate the work of diplomatic missions and consulates, but that these rules cannot directly be used to place requirements on private banks.

Despite this, FI considers that banks need to take measures to meet the needs of embassies, consulates, and their staff. Here too, the starting point is that banks must prevent money laundering, but that an elevated risk does not necessarily mean that an account should be denied or closed.

Don’t Miss Samnytt’s Series

We have interviewed several people, including those affected, a bank official, and politicians.

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