Public notices 11 April 2013 – 7/2013

FIN-FSA restricts Navi Group Oy’s authorised operations and designates an attorney for the company

On 9 April 2013, the Financial Supervisory Authority (FIN-FSA) decided to restrict the authorised operations of Navi Group Oy in such a way that the company may not provide asset management services to new customers nor accept new assets from its existing customers for asset management purposes. The decision on the restriction of operations will be valid until 8 July 2013, unless FIN-FSA issues a new decision on the matter before the said date.

In addition, FIN-FSA has ordered that, until further notice, Navi Group Oy may not return to its asset management customers any of their assets. The decision will be valid until the company provides FIN-FSA with a reliable and comprehensive report on customer assets held by the company.

According to FIN-FSA's view, Navi Group Oy has failed to comply with Section 1 of Chapter 9 of the Investment Services Act (747/2012) concerning the segregation of customer assets in the organisation of its asset management business. The obligation to keep customer assets segregated from an investment service provider's own assets is a key requirement for investor protection.

The restriction of the company's asset management business for a period needed to clarify the matter is necessary for safeguarding an equal treatment of Navi Group Oy's customers.

Attorney designated to oversee the company's operations

FIN-FSA has also designated Jukka Laitasalo, Attorney, as an authorised representative to oversee the operations of Navi Group Oy until further notice.

For further information, please contact

  • Esa Pitkänen, Head of Division, tel. +358 10 831 5248 (supervision of investment service providers)
  • Erkki Kontkanen, Chief Advisor, tel. +358 10 831 5260 (FIN-FSA’s decisions)