FIN-FSA issues public warning to Unemployment Fund of the Construction Sector for breach of internal control and risk management requirements
An inspection conducted by the Financial Supervisory Authority (FIN-FSA) in spring 2017 revealed that the Unemployment Fund of the Construction Sector had failed to adhere to the statutory deadlines for submitting complaints to appellate instances. In some cases, the deadlines had been significantly exceeded. The Unemployment Fund’s Board of Directors had failed to adequately oversee the processes related to the handling of complaints. The different stages of the processes did not include sufficient controls for measuring that complaints are handled correctly and without delay. Furthermore, the level of controls had not been regularly assessed. The failures demonstrate, in particular, breach of legal provisions on internal control and risk management.
The decision of the FIN-FSA is not yet legally binding. The Unemployment Fund has the right to appeal the decision of 9 July 2018 to the Helsinki Administrative Court within 30 days of receipt of notice of said decision.
For further information, please contact
Sonja Lohse, Head of Director General’s Staff, Chief Advisor.
Requests for interviews are coordinated by FIN-FSA Communications, tel. +3589 183 5030, weekdays 9.00–16.00.
FIN-FSA decision (pdf, in Finnish)