Press release 18 March 2016 – 4/2016

Annual Report 2015: Digitalisation transforms service concepts in the financial sector

​In addition to slow economic growth and the low level of interest rates, the financial sector is facing another significant challenge in the form of digitalisation, which is transforming the service concept within the sector. Going forward, new operating models will be introduced in the market, both by service providers currently operating in the sector and by those entering from outside the financial sector.

−Supervisory authorities are currently exploring what kinds of risks the new forms of operation might pose, states Anneli Tuominen in her Director General’s review. –The digital transformation, in combination with the challenging operating environment, require reassessment of the resilience of the strategies, business models and earnings structure of the banking and insurance sectors.

The time is not ripe to adopt a common deposit guarantee for the euro area

Towards the end of 2015, the Commission presented a plan concerning the missing piece of the banking union, the deposit guarantee, which proposes the adoption of a common euro area deposit guarantee. –Director General Anneli Tuominen maintains that, although in principle the proposal can be supported, the FIN-FSA considers its timing premature from the viewpoint of the euro area banking system. −In the course of her work on the Supervisory Board of the Single Supervisory Mechanism, Director General Anneli Tuominen has observed that, earlier even within the euro area, not only has there been considerable variation in the implementation and interpretation of regulations, but supervisory practices have also ranged from strict to liberal.

For further information, please contact

Director General Anneli Tuominen, tel. +358 10 831 5300


Read the Annual Report

FIN-FSA Annual Report 2015 (in Finnish, 28 pages,pdf )

A printed version of the annual report will not be distributed. The report in web format will be published in English later this spring.