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 three departments: Institutional Supervision, Prudential Supervision, Supervision of Markets and Conduct of Business. The departments break own into 3-5 divisions. As well as departments, there is one unit reporting directly to the Director General, Director General’s Staff.
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 five 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
- Pentti Hakkarainen, Chairman, Deputy Governor of the Bank of Finland (Bank of Finland)
- Martti Hetemäki, Vice Chairman, Permanent State Secretary (Ministry of Finance)
- Outi Antila, Director-General (Ministry of Social Affairs and Health)
- Pirkko Juntti, LLM
- Vesa Vihriälä, Managing director (Research Institute of the Finnish Economy)
Kimmo Virolainen, Head of Department, acts as deputy for Pentti Hakkarainen. Acting as deputy for Martti Hetemäki is Tuija Taos, Director. The deputy member of Outi Antila is Mikko Kuusela, Senior Actuary.
- Anneli Tuominen, Director General, Chairman
- Jyri Helenius, Head of Department, Prudential Supervision
- Sonja Lohse, Chief Advisor, Director General’s Staff
- Marja Nykänen, Head of Department, Institutional Supervision
- Jarmo Parkkonen, Head of Department, Supervision of Markets and Conduct of Business
- Erkki Rajaniemi, Advisor to the Management
- Pirjo Kyyrönen, Senior Legal Advisor, Secretary of the Management group