Private-public cooperation in the financial sector (FSPOS)
FSPOS is a voluntary forum for cooperation between private and public bodies on the financial market in Sweden. This cooperation increases the ability to maintain confidence in vital functions in the financial field.
The activities of FSPOS are based on voluntary work among the participants and are currently carried out in five smaller working groups. These are the working groups for Payment Mediation, Basic Security Levels, Information, Critical Infrastructure and Exercises.
Information working group
The Information working group is mainly a network for communication between authorities and financial market participants in “peacetime” with the aim of ensuring that cooperation on communication is as effective as possible in the event of a crisis. In the autumn of 2009, the working group assigned the consultancy Hallvarsson & Halvarsson to evaluate how the major banks and the authorities that are members of FSPOS communicated during the escalation of the financial crisis and during the most acute period of the crisis.
The report: ”The communication of the major banks and the authorities during the financial crisis”
Some of the conclusions of the report on this evaluation are as follows. The communication of the major banks and the authorities during the crisis is approved by the evaluators. Confidence in vital functions in the financial field was maintained. Both the authorities and the banks should, however, be clearer and more open about risks, uncertainties and crisis threats at an earlier stage, that is already in the lead up to approaching crises. Authorities and private market participants in the financial field should work to increase knowledge about the financial system in society as a whole.
The entire report “The communication of the major banks and the authorities during the financial crisis”, including the appendix, can be found on the FSPOS website, see the link below.
