Summary of FIN-FSA’s activities in 2022
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)
The Finnish financial sector has remained solvent despite the weakening of the operating environment. In the impaired operating environment, particular attention has been paid to risk management.
At its meeting on 3 June 2022, the Parliamentary Supervisory Council appointed Tero Kurenmaa LLD as Director General for a five-year term, as of 15 June 2022. The FIN-FSA’s management changed when the longstanding Director General, Anneli Tuominen, was appointed to the ECB’s Supervisory Board.
The FIN-FSA’s strategic initiatives proceeded according to plan.
Three out of the five IT projects prioritised from the perspective of the FIN-FSA’s supervisory tasks proceeded as planned, while two failed to do so.
Outcomes of FIN-FSA’s critical success factor indicators
The FIN-FSA’s set of performance indicators keeps track of the outcomes of the critical success factor indicators. The result of these indicators is measured as a weighted average of the results of the constituent subindicators.
In the review year, nine success factor indicators and 24 subindicators were monitored. The target levels were reached in two success factor indicators and nine subindicators, while seven indicators and 15 subindicators lagged behind their respective targets.
In the review year, the FIN-FSA imposed three penalty payments, two administrative fines and issued two public warnings. The processing time of one of the sanction decisions was in line with the target. The reason for lagging behind was staff turnover and a shortage of resources in the processing of sanction cases. The updated sanction process was rolled out during the review year, and its objective is to improve the efficiency of the processing of sanction cases.