FIN-FSA issues public warning to pension fund Reka Eläkekassa for omissions concerning risk management of investment activities and organisation of corporate governance
The Financial Supervisory Authority (FIN-FSA) has issued a public warning to pension fund Reka Eläkekassa for several cases of non-compliance with the provisions of the Employee Benefits Funds Act and regulations issued to pension funds by the FIN-FSA concerning risk management and the organisation of corporate governance and activities. The FIN-FSA became aware of the omissions during inspections conducted in 2016–2017.
The most significant shortcomings in outsourcing, risk management systems and internal control were related to the identification, mitigation and control of risks as well as organisation of reporting.
The FIN-FSA's decision on the public warning is not yet legally binding. The pension fund has the right to appeal the decision of 11 September 2018 to the Helsinki Administrative Court within 30 days of receipt of notice of said decision.
Further information
- Sonja Lohse, Head of Director General's Staff, Chief Advisor.
- Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00.
Appendix
- FIN-FSA decision (pdf, in Finnish)