The Financial Supervisory Authority (FIN-FSA) was established on 1 January 2009, following a merger of the former Financial Supervision Authority and the Insurance Supervisory Authority. FIN-FSA operates in connection with the Bank of Finland.
The Financial Supervision Authority had commenced operations in connection with the Bank of Finland in 1993. The predecessor of the Financial Supervision Authority was the Banking Supervision Office, which functioned under the Ministry of Finance from its establishment in 1922 until 1993. The Insurance Supervisory Authority was founded in 1999, and it operated under the aegis of the Ministry of Social Affairs and Health.
Milestones in financial and insurance supervision
Financial Supervisory Authority commenced operations.
Insurance Supervisory Authority commenced operations.
Financial Supervision Authority commenced operations.
Banking Supervision Office commenced operations under the Ministry of Finance.
The insurance supervision function was transferred from the Ministry of Trade and Industry to the Ministry of Social Affairs and Health.
Supervision of cooperative banks was imposed on the organisation’s own central monetary institution.
Banking supervision was consolidated for the first time, following entry into force of the savings banks act.
An act was passed on an authority to supervise insurance business. August Ramsay, DPh, was elected as ‘insurance inspector’.
The first banking act was passed in response to developments in commercial banking. Guidelines for banking supervision were issued by the Senate. Compliance with the guidelines was supervised by agents designated for the banks.
The Bank of the Estates of the Realm, one the oldest central banks in the world, was established. Its activities were supervised by six trustees.
King Karl X Gustav founded the office of a senior bank inspector to supervise Palmstruch Bank (precursor to the central bank of Sweden). The office was discontinued upon the bank’s winding-up of operations.