FIN-FSA interest group survey 2014: FIN-FSA's significance has increased – activities have mainly met with expectations
According to the interest groups, the demands on FIN-FSA have increased in the last three years. At the same time satisfaction with FIN-FSA's activities have remained at a good level. The respondents gave FIN-FSA's activities the grade 8 (on a scale from 4 to 10). The grade was the same as that given at the previous assessment in 2011. The results are presented in the report on FIN-FSA's interest group survey of April–May 2014.
– In particular, FIN-FSA carefully analyses the critical comments. Amendments have already been made to the regulations and guidelines, which drew critical comments, says Anneli Tuominen, Director General of FIN-FSA.
In the opinion of the interest groups, FIN-FSA has even succeeded a little better than before in enhancing confidence in the functioning of the financial markets. Three out of four respondents estimated that FIN-FSA's activities are valued in the financial sector and that their recommendations are heard and respected. Only 5% of the respondents held the view that FIN-FSA is not valued in its field.
Awareness of FIN-FSA's international activities has clearly increased from the situation three years ago. However, the respondents no longer have quite as much confidence in the benefits of international activities as they did three years ago. The supervised entities estimated that FIN-FSA had been less able to influence the regulation of the sector than before.
Above all, the representatives of the interest groups looked for a more predictable regulation and greater efforts by FIN-FSA towards a guiding dialogue.
Insurance sector holds a more critical view of preparation of regulations and guidelines
In the insurance sector a more critical view is held of FIN-FSA's work than in the banking and securities sector. In particular, the supervised entities in the insurance sector are unsatisfied with the way FIN-FSA prepares its regulations and guidelines and how the interest groups are heard in the preparation work. Some of the respondents among the supervised entities in the insurance sector felt that they do not have any functioning channels for providing feedback.
Availability of experts has improved
The availability of the experts has improved. Nine out of ten representatives of supervised entities consider direct contacts with supervisors and experts a very important means of communication.
The media gave FIN-FSA excellent grades as regards availability, information retrieval, and press and background conferences, and they were satisfied with the clarity of the website, but they criticized the lack of openness and slow handling of issues. According to the survey, the media communication skills of the experts and the press releases should be improved.
Supervised entities, listed companies, authorities operating in the financial sector, Members of Parliament, media and other cooperating partners were the target groups of the survey. The online survey was executed in April–May 2014. The material was completed through 50 phone interviews. The total number of respondents was 317. The response rate (43%) was good for an interest group survey. The comparable rate of the 2011 survey was 40%. The survey was performed by Prior Konsultointi Oy.
For more information, please contact
- Anneli Tuominen, Director General, tel. +358 10 831 5300