Competition Authority investigates finance company Skip to content

Competition Authority investigates finance company

The Competition Authority in Iceland searched the premises of Fjölgreidslumidlun hf. (FGM) yesterday, which is owned by various Icelandic finance companies, credit card company Kreditkort hf. and the Central Bank of Iceland.

FGM is, among other things, responsible for the credit card payment system in Iceland, known as “Posa-kerfi.” Fréttabladid reports.

Logi Ragnarsson, FGM’s managing director, said he believed the Competition Authority was following up on its search of the headquarters of the credit card companies VISA and Kreditkort hf. on June 13 last year.

The Competition Authority suspected the credit card companies were violating competition laws and taking advantage of their leading market position.

“The way I see it, they are not investigating our company in particular, but this is some kind of a continuation of the investigation of the credit card companies. They want to do better and investigate more than they did then,” Ragnarsson said.

“They brought a search warrant, confiscated documents and took copies of computer data with them,” Ragnarsson explained and added that he was not dissatisfied with the investigation.

“This is just part of their role in our society and something a company in a competing market can expect,” he said.

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