FIN-FSA revokes decision to designate an authorised representative to oversee the operations of Navi Group Oy

On 9 April 2013, the Financial Supervisory Authority (FIN-FSA) decided to restrict the asset management operations of Navi Group Oy and ordered that the company may not return to its asset management customers any of their assets. By a decision issued on the same day, FIN-FSA designated Jukka Laitasalo, Attorney, as an authorised representative to oversee the operations of Navi Group Oy, until further notice.

In a decision issued on 29 May 2013, FIN-FSA stated that the customer funds under Navi Group Oy’s asset management may be returned to customers in accordance with the company’s plan submitted to FIN-FSA. The company informed FIN-FSA on 12 September 2013 that the customer funds in question have been returned. The company has also informed FIN-FSA that it no longer provides asset management services. Navi Group Oy has also taken corrective action to strengthen its governance and internal control.

FIN-FSA therefore considers that there are no longer grounds for designating an authorised representative to oversee the operations of Navi Group Oy.

For further information, please contact:

• Sonja Lohse, Head of General Secretariat, tel. +358 10 831 5311 (revocation of FIN-FSA's decision)
• Esa Pitkänen, Head of Division, tel. +358 10 831 5248 (supervision of investment firms)