Board

In the supervision of the financial markets, the Board’s key task is to set specific objectives for the FIN-FSA duties under sections 3 and 3a of the Act on the Financial Supervisory Authority and for the FIN-FSA’s activities, to decide on its overall strategy, and to direct and supervise the achievement of these objectives and compliance with the strategy.

The Board’s other tasks in the supervision of the financial markets include the adoption of such regulations based on law and guidelines that have not been vested with the Director General, as well as deciding on administrative sanctions and on the use of macroprudential instruments.

The Board’s key tasks concerning the FIN-FSA’s administration include the review of its annual budget and submitting it to the Board of the Bank of Finland for confirmation. In addition, at least once a year, it supplies the Parliamentary Supervisory Council with a report on the FIN-FSA’s operational objectives and their achievement. This includes an assessment of expected changes in supervision, their impact on the accumulation of supervision fees and measures required by the expected changes. In addition, the Board shall consult financial market participants as well as representatives of consumers and other users of financial services annually on the objectives set for supervision and their achievement, the budget and the abovementioned assessment of expected changes in supervision, their potential effect on the accumulation of supervision fees, and measures required by foreseeable changes.

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The photo shows the Board of the Financial Supervisory Authority in February 2024.
Back row: Lasse Heiniö and Martti Hetemäki
Front row: Leena Kallasvuo, Marja Nykänen and Jaana Rissanen
Photo: Vesa Moilanen / STT-Lehtikuva

Board 2023

Chair Marja Nykänen
LLM (trained on the bench), Deputy Governor of the Bank of Finland

Vice Chair Pauli Kariniemi
LicSc Econ, MSc Econ, Attestation Erasmus, Head of Department, Director General, Ministry of Finance

Liisa Siika-aho (as of 17 February 2023)
MSc Admin, Head of Department, Director General, Ministry of Social Affairs and Health

Lasse Heiniö
MSc, (SHV) actuary approved by the Ministry of Social Affairs and Health

Leena Kallasvuo
MSc Econ

Martti Hetemäki
DSocSc, Professor of Practice, Aalto University, University of Helsinki

The deputy member for Marja Nykänen was Head of Department Katja Taipalus (DSocSc, Head of Department, Bank of Finland). The deputy member for Pauli Kariniemi was Paula Kirppu, LLM, Legislative Counsellor. The deputy member for Liisa Siika-aho was Jaana Rissanen, LLM, Director.

The Secretary to the Board was Pirjo Kyyrönen, LLM (trained on the bench), Chief Legal Advisor. The Board convened 39 times during the year. Fees to the members and deputies in the year totalled EUR 84,426.