Board
In the supervision of the financial markets, the Board’s key task is to set specific objectives for the FIN-FSA’s duties under sections 3 and 3a of the Act on the Financial Supervisory Authority and for the FIN-FSA’s activities, to decide on its overall strategy, and to direct and supervise the achievement of these objectives and compliance with the strategy.
The Board's other tasks in the supervision of the financial markets include the adoption of such regulations based on law and guidelines that have not been vested with the Director General, as well as deciding on administrative sanctions and on the use of macroprudential instruments.
The Board’s key tasks concerning the FIN-FSA’s administration include the review of its annual budget and submitting it to the Board of the Bank of Finland for confirmation. In addition, at least once a year, it supplies the Parliamentary Supervisory Council with a report on the FIN-FSA’s operational objectives and their achievement. This includes an assessment of expected changes in supervision, their impact on the accumulation of supervision fees and measures required by the expected changes. In addition, the Board shall consult financial market participants as well as representatives of consumers and other users of financial services annually on the objectives set for supervision and their achievement, the budget and the abovementioned assessment of expected changes in supervision, their potential effect on the accumulation of supervision fees, and measures required by foreseeable changes.
The photo shows the Board of the FIN-FSA in January 2026
Back row: Pauli Kariniemi, Martti Hetemäki and Lasse Heiniö
Front row: Leena Kallasvuo, Marja Nykänen and Liisa Siika-aho
Photo: Antti Aimo-Koivisto / STT-Lehtikuva
Board 2025
Chair Marja Nykänen
LLM (trained on the bench), Deputy Governor of the Bank of Finland
Vice Chair Pauli Kariniemi
LicSc Econ, MSc Econ, Attestation Erasmus, Head of Department, Director General, Ministry of Finance
Liisa Siika-aho
MSc Admin, Head of Department, Director General, Ministry of Social Affairs and Health
Lasse Heiniö
MSc, (SHV) actuary approved by the Ministry of Social Affairs and Health
Leena Kallasvuo
MSc Econ
Martti Hetemäki
DSocSc, Professor of Practice, Aalto University, University of Helsinki (until 30 September 2025)
The deputy member for Marja Nykänen was Head of Department Katja Taipalus (DSocSc, Head of Department, Bank of Finland). The deputy member for Pauli Kariniemi was Paula Kirppu, LLM, Legislative Counsellor. The deputy member for Liisa Siika-aho was Jaana Rissanen, LLM, Director.
The Secretary to the Board was Chief Legal Advisor Merja Lehtimäki. The Board convened 37 times during the year. Fees paid to the members and deputies in the year totalled EUR 97,970.00.
CVs of the members of the Board, composition of the Parliamentary Supervisory Council, organisation chart: finanssivalvonta.fi/en > FIN-FSA > Organisation and tasks
Ethical guidelines (in Finnish): finanssivalvonta.fi > Finanssivalvonta > Statements and guidelines > Finanssivalvonnan johtokunnan jäsenten ja varajäsenten eettiset ohjeet