FIN-FSA interest group survey 2017: Expectations towards the Financial Supervisory Authority have grown further
Based on interest group feedback, the Financial Supervisory Authority (FIN-FSA) has performed well in its duties, but at the same time a number of development areas have been identified. Satisfaction with the FIN-FSA’s activities has remained on a relatively good level. The respondents awarded the FIN-FSA’s activities a grade of 7.98 (on a scale from 4 to 10). In the previous assessment, in 2014, the grade awarded was 8.04. The results are presented in the FIN-FSA interest group survey, which was conducted in August-September 2017.
“We value the feedback we receive and we utilise it in our activities,” says Anneli Tuominen, Director General of the FIN-FSA. “The feedback largely corresponds with our expectations. We will continue to build on our strengths and address the areas highlighted where improvement is required.”
Success in promoting market stability and in supervisory work
In the interest groups’ opinion, the FIN-FSA has performed well in building trust and financial market stability. The FIN-FSA is valued in the financial sector and its recommendations are respected. The FIN-FSA’s activities are also perceived to benefit the market and those who operate in it. Interest groups also praise the pragmatism, professional competence and international cooperation of FIN-FSA staff.
Critical assessments of speed in handling issues
Supervised entities are less satisfied than before with the speed and quality of handling issues. Different interest groups’ expectations towards the FIN-FSA’s activities diverge significantly. Listed companies give the most positive feedback, while insurance sector supervised entities as well as authorities close to the FIN-FSA are more critical in their assessments.
Interest groups also expect the FIN-FSA to improve the predictability of regulations. They want the FIN-FSA to assess and interpret new regulations proactively, to provide guidance to supervised entities in good time and to answer supervised entities’ enquiries more quickly. In addition, interest groups want the FIN-FSA to take a more active position on market phenomena.
Supervised entities, listed companies, authorities operating in the financial sector, Members of Parliament, the media and other cooperating partners as well as users of the FIN-FSA Innovation HelpDesk were the target groups of the survey. The online survey was conducted in August-September 2017. The data was supplemented by 50 telephone interviews. The number of respondents was 321 and the response rate 33%, which is satisfactory for an interest group survey. The survey was conducted by Prior Konsultointi Oy.
For further information, please contact:
- Anneli Tuominen, Director General
- Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5250, weekdays 9.00–16.00.