Indecap intends to appeal the Swedish Administrative Court's rejection of its legal challenge to the Swedish Fund Selection Agency’s (FTN) SEK 200bn procurement of actively managed global equity funds, according to FTN.

The Administrative Court rejected Indecap’s application in its entirety on 14 October 2026, finding no grounds to intervene in the procurement.

The court agreed with FTN’s assessment of the issues examined, including the applicable regulatory framework, information handling ahead of the interview stage, the assessment of mandatory requirements, the scoring of Indecap’s tender, and FTN’s duty to provide information and documentation.

The legal review concerned whether FTN complied with the rules governing the procurement process and whether there were grounds for the court to intervene in the procurement by ordering that it be corrected or redone.

FTN executive director, Erik Fransson, said: “FTN has a clear mandate: to carry out procurement procedures in accordance with applicable legislation and to ensure that pension savers have access to high-quality funds at competitive fees. The Administrative Court’s judgment confirms our assessment that the procurement procedure was conducted correctly.”

At the time of FTN’s update, the agency had not received a notice of appeal and said it was unaware of the grounds Indecap might put forward.

If Indecap appeals, the Administrative Court of Appeal will decide whether to grant leave to appeal, which would allow the case to be reopened for reconsideration.

The court may also prevent FTN from signing fund agreements with successful bidders while the case remains unresolved.

“Unfortunately, we have no view on how long any continued review may take,” Fransson commented.

“What we can establish is that the process has already been ongoing for eight months and that each further delay means that pension savers will have to wait longer for the procured funds with lower fees and high quality.”

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