Finnish Financial Supervisory Authority (FIN-FSA)

Finanssivalvonta or Financial Supervisory Authority FIN-FSA is the independent regulator of the Finnish financial and insurance sector.

Organization Profile

Institutional nature
The Financial Supervisory Authority (FIN-FSA) is the regulator of the Finnish financial and insurance sector.
Institutional History
The Finnish Financial Supervisory Authority was formed from the merger of the former Finnish Financial Supervisory Authority and the Finnish Insurance Supervisory Authority on January 1, 2009. It is headquartered in Helsinki and has approximately 200 employees.
Institutional Mission
The activities of FIN-FSA are aimed at ensuring the financial stability and smooth operation of credit, insurance and pension institutions and other supervised entities. Another objective is to safeguard the interests of the insured and maintain confidence in financial markets, and is also responsible for promoting good practice and public awareness in financial markets. These objectives and tasks are incorporated into the Financial Supervisory Authority Act.
Regulatory Scope
Banks, insurance companies, pension companies, investment companies, fund management companies, etc.

Licence application

Service providers in financial markets must be authorized to carry out their activities. The European Central Bank (ECB), the Financial Supervisory Authority (FIN-FSA), the Ministry of Finance and Social Affairs and the National Ministry of Health and the Council of State have the authority to authorize. The authorized object can only be an entity, not a natural person.
The Financial Supervisory Authority has awarded the following categories:
1) Home insurance, non-life insurance business and reinsurance companies
2) Deposit banks of central institutions
3) Deposit banks and credit companies for mortgage banking
4) Payment institutions
5) Branches of non-EEA payment institutions
6) Investment companies
7) Non-EEA branches of investment companies
8) Fund management companies and custodians
9) Alternative Investment Fund Manager (AIF Manager)
10) Non-EEA credit institution branches in Finland
11) Non-EEA Insurance Companies
12) Branches of Finnish non-EEA investment companies and fund management companies
13) Non-EEA investment companies and fund management companies provide cross-border services in Finland
According to the information on the official website, those involved in foreign exchange are investment companies.
Prerequisites for application:
Authorization is only granted if the entity seeking authorization meets specified regulatory requirements. An important prerequisite for authorisation is that the authorised entity is sought to be managed in a professional manner and following fair and prudent business principles. The entity must have sound internal management mechanisms and adequate financial resources. Its business operations must be planned, managed, organized and controlled according to high ethical standards. The organization must also have its headquarters in Finland.
Application process:
1. Submit a written application to the Finnish Financial Supervisory Authority (FIN-FSA) with supporting documents. We recommend that applicants contact FIN-FSA before applying to understand the procedure.
2. The FIN-FSA must submit a proposal for the decision of the authorized credit institution to the ECB within 4 months of receipt of the application, or if the application is defective, immediately after the applicant has submitted the necessary documents and instructions. FIN-FSA must announce its decision within 6 months of receiving the application.
3. FIN-FSA makes appropriate declarations and conducts commercial registration once the authorization of credit institutions, investment companies, fund management companies, alternative investment funds, custodian institutions or payment institutions is granted. However, a company to be incorporated cannot start operations until it has been filled out in the trade register. FIN-FSA, upon approval of the authorization, distributes funds to deposit guarantee funds (where authorized by deposit banks), investor compensation funds (authorized to investment companies and credit institutions providing investment services, fund management companies and managers of alternative investment funds) and the European Union Commission (authorized by credit institutions) to release information.
Application forms and instructions and accompanying documents are only available in Finnish and Swedish.
In Finnish see
In Swedish see
Application Duration
3-12 months. Specifically, authorization approval depends on whether the application is accompanied by all necessary instructions. However, a decision on such authorization must be published within 12 months of receipt of the application. Insurance companies will be notified of authorization within 6 months; payment institutions will be notified of authorization within 3 months of application, provided that the application includes all necessary instructions; alternative investment fund managers will also be notified within 3 months. FIN-FSA can extend authorization for up to 3 months.
Application Fee

Regulatory Rules


Reporting requirements:

Regulatory Inquiries

The first step is to enter the official website and select the English language status.

Second, click on "Registers".

In the third step, click "Registers" and then select "List of supervised entities".

In the fourth step, you can directly query the company's specific information by the company name in the search box on the left, or you can click "Undertakings operating in the capital market" (capital market operating company), and then select "Investment firms" in the drop-down item. (investment companies), then click "SEARCH" (search), you can see the complete list of companies:

The fifth step, click on the company name, and the specific information of the company will appear below: company name, contact information, authorized business authority, company code; take "UB Securities Ltd" as an example;

Companies that can provide foreign exchange services in the sixth step must have "Financial Contract for Differences" or "Foreign exchange services related to investment services" under "Authorisations and other operation grounds" foreign exchange services related to investment services)”.

FIN-FSA blacklisted companies announced:
List of blacklisted companies published by other regulators:

Regulatory complaints

When problems arise, it is recommended that you consult with your service provider first. If the desired outcome is not achieved and your situation involves banking, insurance and investment matters, you can turn to the Financial Complaints Bureau (FINE), which will advise you and, if necessary, resolve disputes on behalf of service providers.
FINE's complaint steps are as follows:
1. Contact FINE at
The best way to contact FINE is by phone. In the vast majority of cases, a single phone call is sufficient to resolve the problem. For more detailed instructions and service provider contact information, ask the customer to provide and sign written authorization.
2. Review the case or complaint with the opinions of all parties.
A more detailed explanation requires FINE to study the case file and negotiate possible solutions with service providers (insurers/banks/others) if necessary. In-depth issues such as personal injury inspections or property damage issues can take months. In medical issues related to personal accident, travel and general liability insurance policies, specialist physicians appointed by FINE also assist in the clarification of cases/complaints.
3. The case is closed or referred to the FINE Complaints Committee.
If desired, the client can refer the question/complaint to one of the FINE Complaints Committees (Insurance, Banking or Investment Complaints Committee). The Finnish Financial Ombudsman Office acts as Secretary to the Board of Directors. Board recommendations are made in writing and customers are not required to pay any operating expenses.

Example of punishment

From April 8, 2009 to May 17, 2018, FINS-FSA announced about 70 administrative penalty cases, see details


Does your new product or service require authorization?
You can seek help from the FIN-FSA Inovation Help Desk, see

Related Links

Finnish Financial Ombudsman:
European Securities and Markets Authority (ESMA):
European Banking Authority (EBA):
European Systemic Risk Board (ESRB):

Contact information

Phone: +358 9 183 51
Email: [email protected] (tried to send email but got bounced)
[email protected] (practice, normal)
Address: Snellmaninkatu 6, P.O. Box 103, 00101 Helsinki
Media call service (only for media representatives): +358 9 183 5030, weekdays 9:00 - 16:00
Customer Service: +358 9 183 5250, weekdays 9:00 - 16:00
Twitter: FIN-FSA's Twitter account is

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