Organisation of the Financial Supervisory Authority to change with effect from 1 August – Market Supervision and Conduct of Business Supervision Departments merge

The organisational structure of the Financial Supervisory Authority (FIN-FSA) will change with effect from 1 August 2014. The aim of the change is to ensure a better allocation of the FIN-FSA's resources with regard to the current operating environment, to clarify the division of tasks and responsibilities and to improve operational efficiency.

The Market Supervision and Conduct of Business Supervision Departments will be merged into one Department. At the same time, the Investment Products and Financial Services Divisions will be combined to form a new Investment Products and Services Division. The merging of operations will enable a closer supervision of investment products and the procedures applied in selling them.

As for the Institutional Supervision Department, supervision of the insurance sector will be divided into two Divisions: Non-life and Life Insurance Companies and Employee Pension Institutions1, in which supervision of insurance sector solvency and key risk areas will be concentrated. The Financial Sector Division will continue to supervise the banking sector. The Institutional Supervision Department's supervisory divisions will be resourced with the accounting experts and legal advisors of the Capital Adequacy Calculations Division and the actuaries of the Underwriting Risks and Research Division that operated under the Prudential Supervision Department.

The functions of the General Secretariat, strategic support and administrative tasks will be concentrated in the General Secretariat and Strategic Support Unit. In addition, Communications will operate administratively as part of the General Secretariat and Strategic Support.

For further information, please contact

Anneli Tuominen,
Director General, tel. +358 10 831 5300.

Annex

FIN-FSA organisation 1 August 2014 (draft, in Finnish only)