FIN-FSA's new organisation confirmed – changes to take effect on 1 September 2017

The Board of the Financial Supervisory Authority (FIN-FSA) confirmed the FIN-FSA’s new organisation in its meeting on 8 May 2017. The biggest changes will be to the supervisory departments, of which there will now be four. The changes to be implemented will not have an impact on the number of staff. The new organisation is planned to take effect on 1 September 2017. 

The purpose behind these changes is to better align the organisation of the prudential supervision of banks with the structure of the European Central Bank's (ECB) banking supervision. The objective is to enhance cooperation with the ECB and banking supervision as a whole. In the new organisation, the functions related to the prudential supervision of banks will be concentrated in a single department.

The prudential supervision of the insurance and pension sectors will also be the responsibility of a single department.

The Financial Analysis and Operational Risks department will provide expertise and perform duties that serve the entire organisation. It will bear the main responsibility for macroprudential supervision, which will be conducted in cooperation with experts from Banking Supervision.

The supervision of new entities will take place mainly in the Supervision of Markets and Conduct of Business department. The aim is to enhance the sharing of best practices in the supervision of new – typically small – entities.

Further information

• Anneli Tuominen, Director General
• Contacts are coordinated by FIN-FSA Communications,
  tel. +358 50 385 5154, weekdays 9.00–16.00.

Annex

Organisation of the Financial Supervisory Authority, 1 September 2017 (pdf, in Finnish)

The corresponding Finnish-language news release was published on 16 May 2017.