Gernandt & Danielsson has successfully represented MoneyGo in a case against the Swedish Consumer Agency regarding penalty fees pursuant to the Consumer Credit Act

The Swedish Consumer Agency decided on 30 September 2022 to issue a warning against MoneyGo AB together with a maximum penalty fee of SEK 10 million for alleged infringements of the Consumer Credit Act. According to the Consumer Agency, MoneyGo had not obtained sufficient information about consumers financial situation and its creditworthiness assessment was therefore insufficient. The Administrative Court stated in its judgment that the company’s creditworthiness routines made it possible to base the creditworthiness assessment on relatively extensive information about the consumer’s financial situation and is sufficient for the type of consumer credits processed. It was concluded that the creditworthiness assessment was based on sufficient information about the individual consumer’s financial situation and the Consumer Agency’s decision was fully reversed in a judgement delivered on 10 July 2023.

The Administrative Court’s judgment was appealed by the Consumer Agency to the Administrative Court of Appeal in Gothenburg, which decided to not grant leave to appeal. This decision was appealed to the Supreme Administrative Court, which on 7 February 2024 also decided not to grant leave to appeal. The Administrative Court’s judgement is therefore final.

Gernandt & Danielsson’s team consisted of Partners Niclas Rockborn and Daniel Waerme, Senior Associate Rickard Tinglöf and Associate Robin Fazel.