Powers and funding
The Financial Supervisory Authority (FIN-FSA) is Finland's financial and insurance supervisory authority. The supervised entities are
- insurance, life insurance and reinsurance companies
- employee pension insurance companies
- pension funds
- pension and employee sickness funds and other employee benefit funds
- insurance associations
- unemployment funds
- insurance representatives
- other entities active in the insurance sector (including Local Government, pensions Institution, Church Central Fund)
- investment firms
- fund management companies
- Finnish Central Securities Depository (APK)
- stock exchange
- payment institutions
Essentially the same supervisory powers and administrative sanctions are applied to both financial and insurance sector supervised entities.
Supervised entities provide 95% of the financing needed to cover our activities, and the remaining 5% comes from the Bank of Finland. Accordingly, the majority of the costs are covered via various processing fees and specific tax-type supervision fees levied from those subject to supervision.
The Financial Supervisory Authority operates administratively in connection with the Bank of Finland, but is independent in its decision-making.