The Administrative Court in Stockholm is continuing its review of a legal challenge brought by Indecap over the Swedish Fund Selection Agency’s (FTN) SEK 200bn procurement of actively managed global equity funds.

During June, FTN has been awaiting Indecap’s response to its submission to the court on 29 May. Indecap requested and was granted two extensions, with the deadline for its statement now set for 10 July 2026.

The tender, announced on 26 February 2026, has been paused following the judicial review after Indecap was unsuccessful in securing a mandate on Sweden’s premium pension platform.

In its previous submission to the court, FTN said it considers the case to be primarily aimed at delaying the replacement of Indecap’s existing mandate.

It noted that 96.27 per cent of assets in Indecap Guide 2 originate from premium pension savers, and that the firm receives around SEK 10.4m in monthly revenue while the fund remains on the platform.

FTN argued it was therefore “a reasonable assumption” that the appeal is intended to delay the procurement process.

FTN further told the court it regarded the case as fully investigated and maintained that Indecap had not demonstrated any risk of damage, arguing that its bid scores were significantly below competitors and that it was not credible to claim it had lost out due to procedural issues.

It defended its procurement approach, saying all tenders were assessed using the same criteria, and rejected claims relating to evaluation methods, electronic signatures, conflicts of interest documentation and the merger of fund categories.

The authority also argued that procurements under the Act on the Procurement of Funds for the Premium Pension Fund Platform (LUP) fall outside EU procurement directives, as they relate to the right to purchase fund units rather than services.

No timetable has yet been set for a ruling.

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