FIN-FSA Annual Report 2020: Coronavirus pandemic changed the course of the year
In 2020, the coronavirus pandemic also affected the activities of the Financial Supervisory Authority (FIN-FSA). As a result of the exceptional situation caused by the coronavirus pandemic, the FIN-FSA reprioritised its tasks in line with its action plan for 2020. The FIN-FSA also reacted quickly to the coronavirus pandemic with measures ensuring the safety and wellbeing of staff and the continuity of government activities.
The reprioritisation of activities enabled the supervised entities and the FIN-FSA to focus on the analysis of changes and risks arising from the coronavirus pandemic and on related measures: The prudential and liquidity situation as well as the operational capability of banks and insurance companies were supervised on an enhanced basis. The processing times and liquidity of unemployment funds were placed under special scrutiny. The financial position of authorised payment institutions was monitored more closely. Monitoring of the operating environment of capital markets was intensified, and communication and reporting by listed companies were systematically assessed. 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 2020 Annual Report outlines in more detail these changes in the operating environment as well as the nature of supervision in an exceptional year.
The Annual Report also includes the Director General’s Review and a number of theme articles
- Fast decisions supported banks’ flexible operation in exceptional circumstances.
- Unemployment funds coped through coronavirus pandemic despite record growth in number of applications and claims expenses.
- Risk-based approach is a cornerstone of anti-money laundering and countering terrorist financing.
- Digital finance gaining ground – European Commission strategy to accelerate development.
- Suspicions of market manipulation and abuse of inside information are detected and investigated increasingly effectively.
The Annual Report is published as a website, and it will also be published in Swedish and English later in the spring.
For further information, please contact
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Read the reports
- Annual Report 2020 website (in Finnish)
- FIN-FSA Board’s report to the Parliamentary Supervisory Council 2020 (pdf, in Finnish)