News release 16 September 2013

Financial Supervisory Authority imposes three administrative fines for non-compliance with the reporting obligation

The Financial Supervisory Authority (FIN-FSA) has imposed three (3) administrative fines for failure to comply with the obligation to provide information on financial position. The fines were imposed on Henkivakuutusosakeyhtiö Duo (Duo Life Insurance Company Ltd, 6 business days late), Alma Rahoitus Oy (Alma Insurance Company Ltd, 7 business days late) and Erityiskoulutettujen työttömyyskassa (3 business days late) for failure to submit regular reports on their financial position to FIN-FSA within the stipulated time period. The administrative fines are each in the amount of EUR 5,000.

FIN-FSA may impose an administrative fine of EUR 5,000–100,000 on a legal person for non-compliance with the reporting obligation. The administrative fine is payable to the State.

The decisions on the administrative fines do not yet have legal force. The insurance companies and the unemployment fund may appeal the decisions of 10 September 2013 to the Market Court within 30 days of receipt of notice of the decision.

For further information, please contact

  • Marja Nykänen, Head of Institutional Supervision, tel. +358 10 831 5247

Appendices

Decisions by the Financial Supervisory Authority (pdf, in Finnish):