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Swedish brokerages fined

STOCKHOLM (Bloomberg) — Sweden's Financial Supervisory Authority fined eight Swedish insurance brokerages as much as 500,000 kronor ($73,070) after finding some employees hadn't been adequately trained for their job.Companies including Transcom AB and SPP Liv Pensionstjaenst AB were fined 500,000 kronor and 200,000 kronor, respectively, the Stockholm-based authority said. The eight brokerages and two additional companies also received warnings. A further nine brokerages were given an injunction while 11 companies received a complaint. The Swedish market watchdog issued the fines because some insurance brokers didn't receive their required training until after the company received a licence to operate such a business.