Powers and funding

The Financial Supervisory Authority (FIN-FSA) is Finland's financial and insurance supervisory authority. The supervised entities are

  • banks
  • 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.