Sweden's Financial Markets Minister Peter Norman

Swedish banks and financial services companies are ignoring EU guidelines on awarding bonuses, according to a report from the financial regulator.

"The report shows that more than half of the companies look to have flaws in how their bonus systems are constructed, reported or paid," the Swedish Financial Supervisory Authority said in a statement. "That the errors to a great extent relate to poor implementation is remarkable and points to a lack of understanding and insight in the sector as whole."

Most of the 41 companies surveyed failed to comply with the guidelines. The organisation will now start individual investigations into each of the companies that “displayed shortcomings,” it said.

Sweden's Financial Markets Minister Peter Norman blasted the sector in a separate statement.

“The authority needs to implement further measures, if needed, to make sure bonuses in the financial sector don’t act as a driving force for greed and increased risk-taking,” he said.

Last year Peter Norman said that Swedish banks make "too easy money".