Values and strategy
Strategy of the Financial Supervisory Authority (FIN-FSA) 2020–2022
1. Supervision responsive to changes in operating environment
2. Well-renowned expert
3. High quality and efficiency
Powers and funding
Organisation and tasks
The responsibilities of FIN-FSA and its Board are governed by law. The Board oversees supervisory activities by deciding overall strategy, setting operational objectives and directing and supervising achievement of the objectives and compliance with the strategy. The Board discusses the budget of FIN-FSA and submits it to the Board of the Bank of Finland for confirmation. Among other things, the Board also approves the regulations issued by FIN-FSA and decides on penalty payments and other administrative sanctions. Once a year, the Board supplies the Parliamentary Supervisory Council with a report on the operational objectives of FIN-FSA and their achievement.
The Board consults representatives of financial market participants annually. These consultations provide an opportunity to hear the latter’s’ views on FIN-FSA's budget and on supervisory objectives and their achievement. In addition, expected changes in supervisory work and their impact on supervision fees are also discussed.
The Board has six members appointed for a term of three years, and three deputy members at any one time. The members and deputy members are appointed by the Parliamentary Supervisory Council. Members appointed on the basis of a proposal by the Ministry of Finance, the Ministry of Social Affairs and Health and the Bank of Finland each have a designated deputy member.
Composition of the Board
The CVs of board members can be accessed via the links below.
- Marja Nykänen, Chairman, Deputy Governor (Bank of Finland)
- Leena Mörttinen, Vice Chairman, Permanent Under-Secretary (Ministry of Finance)
- Lasse Heiniö, MSc, (SHV) Actuary approved by the Ministry of Social Affairs and Health
- Martti Hetemäki, Professor of Practice (Aalto University, University of Helsinki)
- Leena Kallasvuo, Msc (Econ.)
- Minna Lehmuskero, Senior Actuary (Ministry of Social Affairs and Health)
- Pirjo Kyyrönen, Senior Legal Advisor, Secretary of the Board
Katja Taipalus, Head of Department, acts as deputy for Marja Nykänen. Ms Lehmuskero’s deputy is Director Jaana Rissanen.