Organisation

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: Supervision of Markets and Conduct of Business, Banking Supervision, Financial Analysis and Operational Risks 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.

Board

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

The CVs of board members can be accessed via the links below.

  • Marja Nykänen, Chairman, Member of the Board (Bank of Finland)
  • Martti Hetemäki, Vice Chairman, Permanent State Secretary (Ministry of Finance)
  • Outi Antila, Director-General (Ministry of Social Affairs and Health)
  • Lasse Heiniö, MSc, (SHV) Actuary approved by the Ministry of Social Affairs and Health
  • Markku Pohjola, B.Sc. (Econ.) 
  • Vesa Vihriälä, Managing director (Research Institute of the Finnish Economy)

Katja Taipalus, Head of Department, acts as deputy for Marja Nykänen. Acting as deputy for Martti Hetemäki is Jaakko Weuro, Senior Adviser for Legislative Affairs. The deputy member of Outi Antila is Hannu Ijäs, Director.

Management group

The CVs of management group members can be accessed via the links below.

Parliamentary Supervisory Council

The Parliamentary Supervisory Council is responsible for supervising the overall expediency and efficiency of FINFSA’s
activities. In supervising expediency, it assesses
how FIN-FSA’s statutory objective has been achieved. As
regards the supervision of efficiency, the focus is particularly on how changes in tasks,  legislation or markets affect developments in FIN-FSA’s staff size and budget. Each
spring, the Parliamentary Supervisory Council issues an annual report to assess the activities of FIN-FSA in addition
to those of the Bank of Finland.

Composition of the Parliamentary Supervisory Council

 

16 April 2018

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