Values and strategy
Our primary objectives are to ensure financial stability and confidence in the financial markets and to enhance the protection of customers and investors and insured benefits.
Supervisory effectiveness and efficiency among the best in Europe.
We are pro-active in perceiving changes in our operating environment and supervised entities and continuously develop our activities accordingly. We follow developments in real time and are actively involved in progress at the international level.
Our activities are consistent, constructive and of the highest quality. We are aware of the consequenses of our actions. We communicate openly, bearing in mind our responsibilities.
We concentrate on essentials. We take responsibility for our own and the whole organisation's results. We are vigilant and take swift action when needed.
We are a supportive working community. We learn constantly and support others in their own professional development. We create a positive team spirit. We work in good cooperation with all our stakeholders.
Strategy of the Financial Supervisory Authority (FIN-FSA) 2020–2022
1. Supervision responsive to changes in operating environment
- We target our supervision on the basis of the level of risk associated with the supervised entity and the significance of the issue at hand
- We take account of financial sector digitalisation in our supervision
- We recognise in our supervision the effects of climate change and climate policy
- We promote the preventive effect of anti-money laundering supervision, fostering the good reputation of Finland in anti-money laundering efforts
- We are well prepared for any disturbances in the financial sector and its services
2. Well-renowned expert
- Our staff has strong expertise that supports our objectives
- We cooperate closely with other authorities and utilise the expertise of stakeholders in areas where it is not expedient to build in-depth competence of our own
- We harness the competence of staff flexibly across organisational boundaries
- We have a supportive management approach that promotes a good working atmosphere and focuses on change management
- We are a highly respected employer of financial sector professionals
3. High quality and efficiency
- We apply standardised and efficient processes
- In our supervisory activities, we make extensive use of both cooperation with EU authorities and ECB supervisory practices
- We use modern IT systems to strengthen supervisory effectiveness and efficiency
- We make use of data analysis to enable appropriate targeting of supervision
- We support our strategic goals through effective communication
Strategy of the Financial Supervisory Authority (FIN-FSA) 2020–2022 (pdf)
Powers and funding
The Financial Supervisory Authority (FIN-FSA) is Finland's financial and insurance supervisory authority. The supervised entities are
- insurance, life insurance and reinsurance companies
- employee pension insurance companies
- pension funds
- pension and employee sickness funds and other employee benefit funds
- insurance associations
- unemployment funds
- insurance representatives
- other entities active in the insurance sector (including Local Government
- ensions Institution, Church Central Fund)
- investment firms
- fund management companies
- Finnish Central Securities Depository (APK)
- stock exchange
- payment institutions
Essentially the same supervisory powers and administrative sanctions are applied to both financial and insurance sector supervised entities.
Supervised entities provide 95% of the financing needed to cover our activities, and the remaining 5% comes from the Bank of Finland. Accordingly, the majority of the costs are covered via various processing fees and specific tax-type supervision fees levied from those subject to supervision.
The Financial Supervisory Authority operates administratively in connection with the Bank of Finland, but is independent in its decision-making.
Organisation and tasks
Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. As much as 95% of our activities will be funded by the supervised entities and the remainder will be provided by the Bank of Finland.
Administratively we operate in connection with the Bank of Finland, but we make independent decisions in our supervisory work. FIN-FSA has about 200 employees. Our office is situated in Helsinki.
The objective of our activities is to enable balanced operations of credit institutions, insurance and pension companies and other supervised entities in stable financial markets. Our objective is also to protect the rights of the insured and foster public confidence in financial market operations. In addition, we are responsible for promoting compliance with good practice in financial markets and disseminating general knowledge about the markets. These objectives and duties have been included in the Act on the Financial Supervisory Authority.
We work for the benefit of the users of banking, insurance and investment services.
The activities of the Financial Supervisory Authority are supervised by the Parliamentary Supervisory Council. The Board of the Financial Supervisory Authority sets the objectives for the activities of the supervisor, decides the operational principles, and guides and supervises achievement of, and compliance with, these objectives and principles.
The Director General is responsible for managing the activities of the supervisor and taking decisions other than those falling within the competence of the Board. The Director General is assisted by an advisory management group, consisting of the heads of department and other employees appointed by the Director General.
The organisation of the Financial Supervisory Authority consists of four departments: Capital Markets Supervision, Banking Supervision, Digitalisation and Analysis and Insurance Supervision. The departments break own into 2-4 divisions. As well as departments, there is one unit reporting directly to the Director General, Director General’s Staff.
- FIN-FSA organisation (pdf)
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.
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