The Financial Supervision Authority, which wanted to impose a fine of 100,000 euros on the future, reduces the fine to 17,500 euros according to the judgment. However, the Financial Supervision Authority is considering appealing the decision.
Harju County Court agreed with the position of the Financial Supervision Authority, but such a large fine was not considered necessary, the Financial Supervision Authority wrote in a post on its website. Since Tuleva has no previous punishments and it is not believed that the offense will continue, the fine was reduced to 17,500 euros.
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The Financial Supervision Authority fined the pension fund manager Tuleva Fondid 100,000 euros, because there were significant flaws in Tuleva’s July advertisements.
Since the beginning of the year, pension funds have delivered very good returns for savers, but fund managers see the manifestations of the technology bubble of the early 2000s in the stock markets.
Last year was good for pension funds, and the remuneration of most investors of pension money also increased, the salary fund of the management board increased most suddenly in Tuleva, which passively invests money.
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Source: www.aripaev.ee
