FTN contests application for judicial review

On 6 March, Indecap Fonder AB applied to the Administrative Court in Stockholm for a judicial review of the procurement of global equity funds (LUP 2024-7). The Administrative Court subsequently invited FTN to submit a statement in response to the application. On 23 March, FTN submitted its statement through its legal counsel, Hellströms Advokatbyrå.

The Swedish Fund Selection Agency contests Indecap Fonder’s claim that the procurement should be corrected or, in the alternative, re-done. FTN maintains that Indecap Fonder has not suffered, and does not risk suffering, any loss within the meaning of Chapter 3, Section 5 of LUP, and that there are therefore no grounds for intervention under this provision. FTN argues that Indecap Fonder has not fulfilled its duty to give notice of errors and has not demonstrated that the damage requirement set out in LUP has been met.

In its application for judicial review, Indecap Fonder argues that it is not permitted for FTN to allow the assessment of fund quality to include the fund manager.
“FTN not only has the opportunity, but a legal obligation, to take into account various aspects of the fund manager when assessing the quality of the fund. The entirety of Indecap’s arguments in this respect appears to be based on a misunderstanding of the Act (2022:760) on Procurement of Funds for the Premium Pension Fund Platform,” FTN writes in its statement¹.

Indecap Fonder has further argued that, in the evaluation, it should have been awarded the highest score on all evaluation questions. FTN has therefore, for each specific question where the highest score was not awarded, accounted for the identified shortcomings in Indecap Fonder’s tender responses and operations.
“We have carefully reviewed the procurement process and examined the claims put forward by Indecap Fonder. Our assessment remains that the procurement has been carried out in accordance with the applicable rules and regulations. We therefore hope that this matter can be handled swiftly in the best interests of savers,” says Erik Fransson, Executive Director of the Swedish Fund Selection Agency.

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For questions, please contact:
Viktor Ström Head of Communication, the Swedish Fund Selection Agency, FTN.
+46 73 321 64 46 or viktor.strom@ftn.se

[1] The statement in its entirety can be requested from the Administrative Court in Stockholm (case number 4909-26)