Summary of FIN-FSA’s activities in 2020
The activities of the Financial Supervisory Authority (FIN-FSA) are aimed at ensuring financial stability and the necessary smooth operation of credit, insurance and pension institutions, and other supervised entities, so as to safeguard the interests of the insured and maintain confidence in the financial markets (Act on the Financial Supervisory Authority, section 1).
As a result of the exceptional situation caused by the coronavirus pandemic, the FIN-FSA re-prioritised its tasks under the action plan for 2020. This enabled the supervised entities and the FIN-FSA to focus on analysing the changes and risks caused by the pandemic and on related actions. The solvency and liquidity situation as well as the operational capability of banks and insurance companies were supervised on an enhanced basis. As regards unemployment funds, processing times and liquidity were under special scrutiny. The financial position of authorised payment institutions was monitored more closely than previously. Monitoring of the operating environment of the securities markets was intensified, and communication and reporting by listed companies were assessed on a systematic basis. Supervisory cooperation and exchange of information between international and domestic authorities were tightened.
In the spring of the review year, the FIN-FSA halted a major proportion of its inspection activities and continued some of the inspections virtually due to the exceptional situation caused by the coronavirus pandemic. In the autumn, the number of inspections was almost back to normal.
The FIN-FSA responded swiftly to the pandemic with measures ensuring the safety and wellbeing of staff and the continuity of its activities as an authority.