Summary of FIN-FSA’s activities in 2023

The activities of the Financial Supervisory Authority are aimed at ensuring financial stability and the necessary smooth operation of credit, insurance and pension institutions, and other supervised entities, so as to safeguard the interests of the insured and maintain confidence in the financial markets. (Act on the Financial Supervisory Authority, section 1)

During the review year, the FIN-FSA’s supervisory attention focused on the weakening cyclical situation and risks related to the geopolitical situation. The FIN-FSA paid particular attention to the supervision of risks associated with the real estate sector. The supervision of credit risks was one of the focus areas in banking supervision. The supervision of the insurance and pension sector addressed the valuation and valuation practices of real estate investments. At the same time, the liquidity management and valuation of investment funds have been particular focus areas in fund supervision for some years already. In its supervisory activities, the FIN-FSA emphasised the following areas during the review year: functioning of corporate governance systems (incl. risk management and control systems), management of market and cyber risks, compliance with the disclosure obligation as well as contingency and continuity management required by the changed geopolitical situation.